The agreement reduces tariffs by more than 18,000.  Tariffs on all U.S. industrial products and virtually all U.S. agricultural products would be eliminated altogether, with most eliminations being immediate.  According to the Congressional Research Service, the TPP would be „the largest free trade agreement in the United States after trade flows ($905 billion in exports of goods and services to the United States and $980 billion in imports in 2014).“  Including the United States, signatories account for about 40% of global GDP and one-third of world trade.  South Korea did not participate in the 2006 agreement, but expressed interest in joining the TPP and was invited by the United States to the TPP negotiations after the successful conclusion of its free trade agreement between the United States of America and the Republic of Korea in December 2010.  South Korea already had bilateral trade agreements with some TPP members, but areas such as vehicle construction and agriculture still needed to be agreed, making multilateral negotiations on the TPP a little more complicated.  South Korea could join the TPP as part of a second round of expansion of the trade agreement.  A 2016 study by political scientist Todd Allee and Andrew Lugg of the University of Maryland suggests that the TPP, if it becomes a standard legal text, will mark future cooperation and trade agreements.  In May 2015, U.S. Congressman Sander Levin argued that it was difficult to impose trade agreements because he questioned Vietnam`s willingness to comply with TPP labor standards.
 According to a report by U.S. Senator Elizabeth Warren, there is a significant gap between the labour standards of previous U.S. free trade agreements and the effective application of those rules.  However, PIIE analysts note that studies show that the presence of „sticks“ (possible suspension of trade benefits) and „carrots“ (technical assistance) in trade agreements increases the likelihood that work commitments in trade agreements will have a positive effect; there are sticks as well as carrots in the TPP.  A version of the treaty text „subject to legal review“ was published by potential contracting parties on 5 November 2015.  Parts of the draft comprehensive agreements have been disclosed to the public in advance.  Many of the provisions contained in the leaked documents are imbued with previous trade agreements. [Citation required] Proponents of the agreement argue that trade agreements open up new markets for domestic industry. Supporters argue that the TPP and other trade agreements create new jobs and contribute to economic growth.
They also argue that opposition to the agreements has a partisan basis. For its part, Beijing insisted that a separate trade agreement, which includes the Comprehensive Regional Economic Partnership (RCEP), which includes 15 Asia-Pacific countries, but not the United States. It has also launched its Belt and Road Initiative, which aims to develop commercial and energy infrastructure throughout South and Central Asia. The RCEP was signed in November 2020, after eight years of negotiations. The agreement is not as comprehensive as the TPP: it eliminates fewer tariffs and does not deal equally with trade in people, intellectual property or labour and environmental legislation. In addition, India withdrew from the pact and reduced its size in the market.