At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA)Hanoi (VNA) - The 11-member Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) officially came into force on December30, creating a free trade area coveringmore than a tenth of the global economy.
The trade deal, signed in March, is thesuccessor to the Trans-Pacific Partnership (TPP) Agreement, a similar deal thatincluded the US. However, President Donald Trump withdrew the US from the TPPsoon after he was elected.
The CPTPP will cut tariffs on agriculturaland industrial products, ease investment regulations and enhance protection ofintellectual property.
The 11 member countries of CPTPP hope thatthe trade pact will help counter to growing protectionism.
Australia, Canada, Japan, Mexico, NewZealand and Singapore became the first six members to ratify the pact, settingthe stage for its entry into force.
The CPTPP is one of themost comprehensive trade deals ever concluded and strips 98 percent of tariffsfor the 11 countries with a combined GDP of more than 13.5 trillion USD andclose to 500 million consumers.
It is expected to promote economicgrowth and poverty reduction, create more jobs and improve the living conditionfor the people at member 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.–VNA
VNA
