CPTPP trade deal officially takes effect
Updated : Monday, December 31, 2018 10:56 AM (GMT+0700)

The 11-memberComprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) officially came into force on December 30, creating a free tradearea covering more than a tenth of the global economy.

At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 -
Source: Xinhua/VNA

The trade deal, signed in March, is the successor to theTrans-Pacific Partnership (TPP) Agreement, a similar deal that included the US.However, President Donald Trump withdrew the US from the TPP soon after he waselected.

The CPTPP will cut tariffs on agricultural and industrialproducts, ease investment regulations and enhance protection of intellectualproperty.

The 11 member countries of CPTPP hope that the trade pactwill help counter to growing protectionism. 

Australia, Canada, Japan, Mexico, New Zealand and Singaporebecame the first six members to ratify the pact, setting the stage for itsentry into force.

The CPTPP is one of the most comprehensive trade deals everconcluded and strips 98 percent of tariffs for the 11 countries with a combinedGDP of more than 13.5 trillion USD and close to 500 million consumers.

It is expected to promote economic growth and povertyreduction, create more jobs and improve the living condition for the people atmember nations. 

The trade deal was signed by 11 member states,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore, and Vietnam in Santiago in March 2018.

Source: VNA 

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