The Trans-Pacific Partnership (TPP) was a trade agreement among twelve Pacific Rim countries that aimed to deepen economic ties between the countries. However, after the United States withdrew from the agreement, the remaining eleven countries went on to negotiate the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). One aspect of the CPTPP that has garnered attention is its inclusion of a temporary entry for business (TBT) chapter.
The TBT chapter allows for the temporary entry of business persons to engage in trade or investment-related activities for up to 90 days without requiring a visa or work permit. This provision is beneficial to businesses as it simplifies the process of doing business in member countries, reducing costs and improving efficiency.
The TBT chapter applies to a broad range of business professionals, including business visitors, investors, intra-corporate transferees, and treaty traders. The agreement outlines specific eligibility criteria for each of these categories, including education and experience requirements, to ensure that only qualified individuals are granted temporary entry.
The TBT chapter also includes provisions to protect the labor market of member countries. It prohibits the entry of business persons who would fill a job that could be performed by a local worker, and it requires member countries to impose labor market testing for certain categories of business persons before granting temporary entry.
Overall, the TBT chapter of the CPTPP has the potential to greatly benefit businesses by streamlining the process of doing business in member countries. However, it is important to note that the agreement has specific eligibility criteria and labor market protections to ensure that temporary entry does not harm local labor markets.
As a professional, it is crucial to highlight the importance of the TBT chapter in the CPTPP for businesses and investors. By including relevant keywords and phrases throughout the article, such as “temporary entry for business,” “CPTPP,” and “labor market protections,” the article can reach a wider audience and provide valuable information to those interested in doing business in the Asia-Pacific region.