In addition, the agreement imposes accelerated customs procedures for express shipments and prohibits the application of customs duties on electronic transmissions. It also requires increased privacy, security and consumer protection protection for online transactions and promotes the publication of customs forms online. These provisions should be particularly beneficial for small businesses. [88] Economists Peter A. Petri and Michael G. Plummer of the Peterson Institute for International Economics predict that the TPP would increase revenues in the United States by $131 billion a year, or 0.5% of GDP. Exports from the U.S. would increase by $357 billion a year, or 9.1 percent, as a result of the deal. [154] However, two economists at Tufts University argue that Pierre`s research is based on unrealistic assumptions such as full employment: lost jobs are immediately replaced in other industrial sectors. [16] According to Harvard economist Dani Rodrik, „Petri and Plummer believe that labor markets are flexible enough that job losses in negatively affected sectors of the economy are necessarily offset by job gains elsewhere. Unemployment is excluded from the outset – an integrated result of the model that TPP supporters often introduce. [18] Rodrik finds that „the Petri Plummer model is directly rooted in decades of academic business modelling that makes a clear difference between microeconomic effects (organization of resource allocation between sectors) and macroeconomic effects (relative to the overall level of demand and employment). In this tradition, trade liberalization is a microeconomic „shock” that affects the composition of employment, but not its overall level. [18] The TPP began as an agreement between the four Pacific states, Brunei Darussalam, Chile, New Zealand and Singapore.

The P4 (Pacific 4), as it was then called, was signed on 3 June 2005 and entered into force on 1 January 2006 as a Trans-Pacific Strategic Economic Partnership. In June 2015, U.S. Senator Rand Paul, a Republican from Kentucky, rejected the law to speed up Congressional ratification of the TPP based on the secrecy of the trade deal. [209] Beijing, for its part, has insisted on a separate trade agreement, the Regional Comprehensive Economic Partnership (RCEP), which includes fifteen Asia-Pacific countries, but not the United States.