A free-trade agreement among 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, USA, and Vietnam) signed in 2016. After ratification, the agreement will remove or reduce tariffs on almost all manufactured and agricultural goods and liberalize trade in services in certain areas. In 2017 the USA formally withdrew the USA from the TPP negotiation; the remaining 11 countries declared their intention to continue the process.