TPP – Trans-Pacific Partnership
This is an evolving agreement between twelve member economies, aimed at bringing down barriers to trade and investment. TPP will put in place a new set of rules making the way we trade with member economies simpler and fairer and making it easier and cheaper to do business with each other.
RCEP – Regional Comprehensive Economic Partnership
The Regional Comprehensive Economic Partnership (RCEP) is a FTA negotiation that has been developed among 16 countries: the 10 members of ASEAN (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Viet Nam) and the six countries with which ASEAN has existing Free Trade Agreements (FTAs) – Australia, China, India, Japan, Korea, and New Zealand. In relation to RCEP these six non-ASEAN countries are known as the ASEAN Free Trade Partners (AFPs). The challenge here is bringing both China and Japan to the negotiation table.
FTAAP – Free-Trade Area of the Asia-Pacific
This is still a long way off before any formal agreement can been signed. What is unique compared to the other two is that includes both China and the USA and parts of TTP and RCEP. China pushed for the FTAAP at the APEC summit in Beijing last month.