The TPP is an evolution of the Trans-Pacific Strategic Economic Partnership (TPSEP) between Singapore, Brunei, Chile and New Zealand. In September 2008, the US indicated its interest to negotiate an FTA with the TPSEP member countries, and was subsequently joined by other countries like Australia, Peru, Vietnam and Malaysia. Formal negotiations started in March 2010, and there has been 10 rounds of negotiations as of January 2012.