Japan pioneers in promoting ratification of CPTPP
Updated : Wednesday, March 28, 2018 4:15 PM (GMT+0700)

TheCabinet of Japanese Prime Minister Shinzo Abe approved bills to ratify theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)on March 27 to bring the long-promised multilateral trade pact close toenforcement.

 
Representatives of countries joining the signing ceremony of the CPTPP in Chile in March
2018 - Photo: VNA

The Japanese government willpresent the set of bills during the current Diet session which runs throughJune 20 with the hope of pioneering in promoting necessary domestic proceduresand building momentum toward ratification of the agreement in other countries.

The CPTPP will enter intoforce 60 days after at least six countries complete domestic procedures. 

To bring the CPTPP intoforce in Japan, a total of 10 laws need to be domestically revised to includenew rules and protections against changes to be brought by the free tradeaccord.

The 11 CPTPP members areAustralia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,Singapore and Vietnam.

The agreement, the successorto the Trans-Pacific Partnership, covers 13 percent of the world's grossdomestic product.

Japan and the 10 countriestaking part in the deal after the US’s withdrawal in January 2017 aim to putthe pact into force possibly by the end of 2018 after they signed it in Chileearlier this month.

Source:VNA

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