Chile ready for CPTPP signing ceremony
Updated : Thursday, March 08, 2018 3:04 PM (GMT+0700)

Thegovernment of Chile has announced that the country’s President MichelleBachelet and Foreign Minister Heraldo Munos will chair the signing ceremony ofthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) on March 8 (local time). 

Chilean President Michelle Bachelet - Source: VNA

Trade ministers of othercountries negotiating the trade pact, namely Australia, Brunei, Canada,Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, will attendthe event.

CPTPP was launched a yearago after the US withdrew from the Trans-Pacific Partnership (TPP) agreement.It sets high criteria in numerous fields, including labour, the environment,intellectual property, digital economy and cyber security.

Twenty-two provisions of theCPTPP, including sensitive ones related to intellectual property, weresuspended or changed in comparison to the TPP.

The pact is expected tofacilitate for the promotion of economic growth and job generation, povertyreduction, and improvement of people’s living conditions.

It will be a strong messageagainst protectionism, while proving that an opening economy will benefitmember nations, according to experts.

The pact, once signed, willcreate one of the world’s largest free trade blocs with a combined market of463 million people and GDP of around 10,000 billion USD, accounting for 13percent of the global GDP.

It will bring aboutimportant commitments involved in non-tariff barriers, services, investment andother fields.

The pact will come intoforce 60 days after it is fully ratified by six of the 11 members.


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