The remaining 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, signs the pact and rename it the CPTPP in March 2018 in Chile (Photo: VNA)Hanoi (VNA) – The JapaneseDiet on June 13 enacted a law to ratify the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP), moving a step closer to completedomestic procedures, according to Kyodo news.
Following the US withdrawal, Japanand 10 other nations aim to put the deal into force by the end of this year.
The pact will take effect after atleast six member countries ratify it.
Japan still has to enact a separatebill to implement domestic measures in connection with the agreement, such assupport for livestock farmers who will be exposed to competition from foreignrivals.
The country is expected to become thesecond nation to ratify the deal after Mexico, which has already completeddomestic procedures.
The original Trans-PacificPartnership (TPP) was signed by 12 countries in February 2016 but US PresidentDonald Trump pulled his country from the deal upon his inauguration in January2017.
The remaining 11 countries, namely Australia,Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singaporeand Vietnam, signed the pact and renamed it the CPTPP in March 2018 in Chile.
The pact is expected to boosteconomic growth, create more jobs, reduce poverty and improve the quality oflife for people in member countries.
It delivers a strong message againstthe protectionism in the world.
The deal will createone of the world’s largest free trade blocs with a combined market of 499million people and GDP of around 10.1 trillion USD, accounting for 13.5 percentof the global GDP.-VNA
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