This report discusses the Trans-Pacific Partnership Agreement (TPP), a free trade agreement that includes nations on both sides of the Pacific. Original members of the TPP were Brunei, Chile, New Zealand, and Singapore. The United States, Australia, Peru, and Vietnam have committed themselves to joining and expanding this group. This report discusses similar trade partnerships, the importance of Asia to U.S. trade and security interests, and U.S. participation in the TPP.

This report assesses the possibility of increased oil production from 21 less developed non-OPEC countries (excluding the Middle East and Mexico) by 1985. The forecast is compared with those prepared by the World Bank, the International Energy Agency, and others. The 21 Latin American, African, and Far East (including Asia) countries produce 2.5 million barrels of oil per day (BD) or 4.2% of world production, and they have 21 billion barrels of proved reserves, or 3.2% of the world total. In recent years these countries have consumed 3.1 million BD, some 0.9 million barrels in excess of their production. By 1985, the 21 countries may produce 3.9 million BD, an average annual increase of 5.0%; however, demand is expected to increase at an annual rate of 3.5% to 4.4 million BD. The net effect is that the 1985 aggregated supply-demand balance will be in deficit, by nearly 560 thousand BD, compared to slightly more than 930 thousand BD in 1976.