Major trade negotiations in two parts of the world have the potential to greatly benefit the chemicals industry in the coming years. The Trans-Pacific Partnership (TPP) agreement eliminates tariffs in key Asia Pacific markets, including several countries with which the United States does not yet have a preferential trade relationship. At the same time, the US and European Union (EU) continue efforts toward revolutionizing their own trade relationship through the Transatlantic Trade and Investment Partnership (TTIP). TPP and TTIP are especially critical as the World Trade Organization (WTO) and its Doha round remain at a standstill with little chance for progress. Together, these two agreements will set the rules of the road for trade in the 21st century and provide new market opportunities for chemical companies around the world.
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