The agreement was designed to deepen economic ties between twelve countries that border the Pacific Ocean – namely, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Chile, Peru, Mexico, Canada and the US.
Combined these countries represent approximately 40% of the world’s economic output.
It was hoped that the pact would lead to lower tariffs, helping to foster trade between the countries and boost economic growth. This could have potentially lead to the creation of a new single market, similar to that of the European Union.
But all of that is history now, as Trump has now fulfilled his campaign pledge to end America’s involvement in the TPP and distance itself from its Asian allies.