The Trans-Pacific Partnership signed at Auckland, New Zealand, earlier this month has 12 APEC members (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States). Led by the US, the TPP is one of the largest free trade agreements in the world with its members accounting for about 40 percent of the global economic output.

Though all negotiating members have signed the TPP, it will need to be ratified by each member country, which could take a couple of years because their legislatures will minutely scrutinize it before doing so.

The implementation of the TPP will have major implications for the Asia-Pacific region, many of which are particularly significant for China. All TPP member countries are also members of Asia-Pacific Economic Cooperation, and some other APEC members, such as the Philippines, Thailand, the Republic of Korea and Colombia, have expressed interest in joining the TPP.