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The Trans Pacific Partnership (TPP) trade deal will lead to tougher completion in the market thus prompting manufacturers in the Eurasian Economic Union (EEU) to produce cheaper and better goods, Eurasian Economic Commission Trade Minister Veronika Nikishina said.
MOSCOW (Sputnik) — The TPP deal between the United States and 11 Pacific-rim nations aims to lower tariffs and other trade barriers on thousands of items. The 12 participant countries make up some 40 percent of the world economy. The deal was concluded in October 2015 but it has yet to be ratified by the signatory countries.
"The main adverse effect for our manufacturers may be the fact that 'the price of entry' to the TPP market will increase. They will have to produce better and cheaper goods, ensure higher quality and make the delivery faster. That means that it will be more difficult to catch up with their competitors," Nikishina told RIA Novosti.
Nikishina added that a major part of trade in the Pacific was carried out in free trade areas and that no market shocks are expected to arise from the TPP deal.
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