partnership agreement

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
The Trans-Pacific Partnership (TPP), also called the Trans-Pacific Partnership Agreement, was a proposed trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States signed on 4 February 2016. After the newly elected US president Donald Trump withdrew the US signature from TPP in January 2017, the agreement could not be ratified as required and did not enter into force. The remaining countries negotiated a new trade agreement called Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which incorporates most of the provisions of the TPP and which entered into force on 30 December 2018.
The TPP began as an expansion of the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP or P4) signed by Brunei, Chile, New Zealand and Singapore in 2005. Beginning in 2008, additional countries joined the discussion for a broader agreement: Australia, Canada, Japan, Malaysia, Mexico, Peru, the United States, and Vietnam, bringing the negotiating countries to twelve. In January 2017, the United States withdrew from the agreement. The other 11 TPP countries agreed in May 2017 to revive it and reached agreement in January 2018. In March 2018, the 11 countries signed the revised version of the agreement, called Comprehensive and Progressive Agreement for Trans-Pacific Partnership. After ratification by six of them (Australia, Canada, Japan, Mexico, New Zealand and Singapore), the agreement came into force for those countries on 30 December 2018.
The original TPP contained measures to lower both non-tariff and tariff barriers to trade, and establish an investor-state dispute settlement (ISDS) mechanism. The U.S. International Trade Commission, the Peterson Institute for International Economics, the World Bank and the Office of the Chief Economist at Global Affairs Canada found the final agreement would, if ratified, lead to net positive economic outcomes for all signatories, while an analysis using an alternative methodology by two Tufts University economists found the agreement would adversely affect the signatories. Many observers have argued the trade deal would have served a geopolitical purpose, namely to reduce the signatories' dependence on Chinese trade and bring the signatories closer to the United States.

View More On
  1. Jackkolson

    VIC Any kind of clause for a Partnership Agreement ensure my partners pull their weight?

    Hi Everyone, [Background] I have started a business that i've been running over the past few months and it's been growing well with a very unique product in a big market, to the point where it has attracted an investor. The investor is also in the same industry and has the same sales channels...
  2. S

    WA Partnership Agreement

    Wanting advise for the best way to go about getting a partnership agreement written up. I know there are so many available online and it is best to get a lawyer but as we are a new business starting up we do not have the funds available to pay a lawyer tat present so was wondering what things we...
  3. B

    WA No Partnership Agreement - Am I Entitled a Larger Share?

    I am a sole trader and had been working with a family member who provided me with their stock to sell. I developed the systems and manage the sales of the stock and we shared in the decision making and both lived off of drawings from the bank accounts which I held under my name. After 2 years...
  4. J

    NSW Limiting Liability in a Partnership Agreement?

    I have recently set up a business with a partner (under a partnership agreement structure) and am now needing to mitigate any risk to our (my wife and I) personal assets, as under this structure there is no limit to the liability. I am aware a corporation has limited liability to the worth of...
  5. A

    NSW Possible for One Partner to Assume All Debt?

    When one person is leaving a partnership and the other will continue the business as a sole trader, is it possible for the partner continuing on the business to assume all debt occurred if both parties agree and sign a document stating this?
  6. Clark Kent

    QLD Partnership Agreement Dispute - What are My Options?

    Hi, In 2013, a friend requested my help in building what became very profitable technology. We agreed on various splits for work to be completed by both. We also shared expenses relative to our holdings. We were both exposed to the upside as well as the downside. I still have all the logs...
  7. H

    QLD What Options Other Than Partnership Agreement Do I Have?

    Hi everyone, I've spent over the last year creating a product in the hangover industry. Because my background is medical, marketing has been an issue for myself and I have since found a marketing guru in the USA who saw a big market and wanted to be involved. We have come to the agreement for...
  8. C

    QLD Planned Business with Friend Without Partnership Agreement - Can I Back Out?

    I came up with a business idea, told my wife the idea and I put it on the back burner and did not pursue it. A couple months later a friend of mine tells me about this business idea he has and it happens to be the same as the one I told my wife. This prompted me to pursue this business and my...
  9. D

    QLD Verbal Partnership Agreement and Domain Names - Is It Valid?

    A friend came to me last year with an idea for a website. She told me that she needed someone to help her because she didn't have the skills but she thought I did. I believe we have a verbal agreement to start a website - I registered the domain names and commissioned artwork for a logo...
  10. T

    TAS Partnership Agreement and Tax Evasion Issues?

    I have some Questions regarding silent partners. Here is some background information to start. I work for a restaurant as a manager. Upon taking a job for this restaurant, I have decreased wages and improved reputation and business performance exceptionally well. Turnover is approximately 200k...