By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Trans-Pacific partnership agreement signatories’ countries accounts for about 40 percent of global Gross Domestic Product (GDP), according to Christine Lagarde, the managing director (MD) of the International Monetary Fund (IMF).

This is coming on the heels of the agreement reached Monday by the countries negotiating the Trans-Pacific Partnership. “I have called for a policy upgrade to avoid a new mediocre in the global economy, and rekindling trade is an essential component of this agenda. The agreement is not only important because of the size, as the signatories countries account for about 40 percent of global GDP; it also pushes the frontier of trade and investment in goods and services to new areas where gains can be significant,” Lagarde said. 

“We would need to review all the details before offering a comprehensive assessment, including the transitional effects and spillovers, but I expect that the TPP can pave the way to a new generation of deep trade integration efforts. I encourage other countries to renew their efforts to complete ongoing negotiations and the broader international community to reignite multilateral trade initiatives to ensure a cohesive global trading system,” the IMF MD added.