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Tensor-product techniques allow us to study the invertibility in \\(TO_p\\widehat{\\otimes} TO_p/{\\mathcal K}_p^{(2)}\\) by reducing the problem to the invertibility in \\(TO_p\\widehat{\\otimes} TO_p/TO_p\\widehat{\\otimes}{\\mathcal K}_p\\) and \\(TO_p\\widehat{\\otimes} TO_p/{\\mathcal K}_p\\widehat{\\otimes} TO_p\\), where \\(\\widehat{\\otimes}\\) denotes the closure of the tensor product in the norm of \\(H^p({\\mathbb T}^2)\\). This approach goes back to Douglas, Howe, Pilidi, Duduchava and was then developed in Chapter~8 of \\textit{A. B\u00f6ttcher} and \\textit{B. Silbermann} [``Analysis of Toeplitz operators'' (Springer-Verlag) (1990; Zbl 0732.47029)]. But this approach fails for the larger algebra \\(TO_p^{(2)}\\) because \\({\\mathcal K}_p\\widehat{\\otimes}TO_p\\) and \\(TO_p\\widehat{\\otimes}{\\mathcal K}_p\\) are not ideals in \\(TO_p^{(2)}\\). To overcome these difficulties, the author introduces two new ideals \\({\\mathcal J}_p^1\\) and \\({\\mathcal J}_p^2\\) such that \\({\\mathcal J}_p^1{\\mathcal J}_p^2\\subset{\\mathcal K}_p^{(2)}\\) and \\({\\mathcal J}_ p^2{\\mathcal J}_p^1\\subset{\\mathcal K}_p^{(2)}\\). The invertibility in one of the algebras \\(TO_p^{(2)}/{\\mathcal J}_p^1\\), \\(TO_p^{(2)}/{\\mathcal J}_p^2\\) can be studied with the help of the localization techniques on the other.  The author proves the following main results. Suppose that \\(a,b\\in L^\\infty({\\mathbb T})\\).  (1) If there exist closed sets \\(F_1,G_1,F_2,G_2\\subset {\\mathbb T}\\) such that \\(F_1\\cap G_1=F_2\\cap G_2=\\emptyset\\) and \\(a\\in C({\\mathbb T}^2\\setminus F_1\\times F_2)\\), \\(b\\in C({\\mathbb T}^2\\setminus G_1\\times G_2)\\), then the Fredholmness of \\(T^{(2)}(a), T^{(2)}(b)\\in TO_p^{(2)}\\) implies the Fredholmness of \\(T^{(2)}(ab)\\).  (2) If \\(b\\in C({\\mathbb T}^2)\\) and \\(T^{(2)}(a)\\in TO_p^{(2)}\\) is Fredholm, then \\(T^{(2)}(ab)\\) is Fredholm if and only if \\(b\\neq 0\\) on \\({\\mathbb T}^2\\) and both partial indices of \\(b\\) are zero.  (3) If \\(a\\) is \\(p\\)-sectorial, then \\(T^{(2)}(a)\\in TO_p^{(2)}\\) is Fredholm if and only if both partial indices of \\(a\\) are 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