Trading Blocs - the Trans-Pacific Partnership (TPP)

The TPP is the latest, and certainly one of the most controversial trading blocs.

The TPP comprises a trading bloc of 12 countries: the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru. These countries have a collective population of about 800 million - almost double that of the European Union's single market. The 12-nation comprising the TPP are already responsible for 40% of world trade.

The TPP aims to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth. Member countries are also hoping to develop a closer relationship on economic policies and regulation

The agreement could, therefore, create a new single market something like that of the EU.

The TPP has not yet been formally ratified by the governments involved. To take effect, the deal has to be ratified by February 2018 by at least six countries that account for 85% of the group's economic output, which means that both Japan and the USA will need to ratify the deal.