The Trans-Pacific Partnership (TPP) Agreement Amendment Act 2016 has been a major milestone in the world of international trade. It is a comprehensive trade agreement that has brought together 12 Pacific Rim countries to create a free trade zone that covers 40% of the world`s economy. This agreement aims to support economic growth, job creation, and innovation by reducing barriers to trade and investment, and promoting fair competition.

The TPP Agreement Amendment Act 2016 was implemented to address some of the concerns raised by stakeholders, particularly in relation to access to medicines, intellectual property rights, and labor standards. The agreement includes provisions that ensure the protection of intellectual property rights, prevent unfair competition practices, and promote sustainable development. It also includes measures to protect workers` rights and improve working conditions.

One of the most significant changes in the TPP Agreement Amendment Act 2016 relates to the protection of intellectual property rights. This provision has been criticized by many as it extends the protection of patents on biologic medicines to 8 years. This would potentially increase the cost of medicines and restrict access to affordable healthcare. However, proponents argue that the provision is necessary to encourage innovation and investment in the healthcare industry.

Another change in the TPP Agreement Amendment Act 2016 is the inclusion of labor standards. The agreement ensures that all member countries adhere to certain labor standards, including the right to collective bargaining and the elimination of forced labor. This provision aims to prevent labor exploitation and promote fair working conditions.

The TPP Agreement Amendment Act 2016 has also been designed to promote sustainable development. The agreement includes measures to protect the environment, promote renewable energy, and reduce greenhouse gas emissions. This provision reflects the growing concern about the impact of economic growth on the environment and highlights the importance of sustainable development.

In conclusion, the TPP Agreement Amendment Act 2016 is a significant development in the world of international trade. While there have been concerns about some of its provisions, particularly in relation to intellectual property and access to medicines, the agreement aims to promote economic growth, job creation, and innovation while ensuring fair competition and protection for workers` rights. It remains to be seen what impact this agreement will have on the global economy and the lives of people across the 12 member countries.