The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is signed by 11 countries in Santiago, Chile on March 8. (Photo: VNA)Hanoi (VNA) – Japan and Chileon September 18 agreed to cooperate on the early implementation of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),formerly known as the Trans-Pacific Partnership (TPP).
At the meeting with his Chileancounterpart Roberto Ampuero, Japanese Foreign Minister Taro Kono expressed hopethat the two countries will lead efforts to promote free trade as members ofthe CPTPP.
The meeting aimed to strengthencooperation between the two countries in multiple areas, including disasterresponse, under the administration of Chilean President Sebastian Pinera.
The CPTPP is a renegotiated tradedeal born out of the Trans-Pacific Partnership Agreement (TPP) afterthe US pulled out from the TPP last year.
The revised pact was signed by the remaining 11 TPP member states,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore, and Vietnam in March 2018.
At least six member states arerequired to ratify the CPTPP to put it into force. The deal is expected toboost economic growth, create more jobs, reduce poverty, and improve thequality of life for people in member countries. It will create one of theworld’s largest free trade blocs with a combined market of 499 million peopleand a GDP of around 10.1 trillion USD, accounting for 13.5 percent of theglobal GDP.
With 71 out of 71 votes, theAustralian Lower House on September 17 passed the CPTPP. The deal will besubmitted to the Senate for consideration and approval.
It has been passed by Mexico,Singapore, and Japan and is expected to be ratified by New Zealand, Peru, and Canadain the coming months.
Meanwhile, the member states alsodiscussed measures to expand the CPTPP. Currently, Thailand and Columbia have alsoshown their interest in joining the deal. –VNA
VNA
