New Zealand becomes fifth country to ratify CPTPP

The New Zealand government announced on October 25 that it has formally ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Thursday, October 25, 2018 14:38

New Zealand becomes fifth country to ratify CPTPP ảnh 1

New Zealand parliament headquarters (Source:wikipedia.org)

Hanoi (VNA) - The New Zealand governmentannounced on October 25 that it has formally ratified the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).

The country's parliament passed the deal on October 24, withsupport from all parties except the Greens. Earlier, Japan, Mexico and Singaporealready ratified the deal in the beginning of this year.

Trade Minister David Parker highlighted the importance of theagreement in face of the rapid escalation of protectionist measures around theworld, saying that businesses will be able to take advantage of improved tradingconditions and lower tariffs.

Prior to the agreement, New Zealand did not have a trade agreementwith Japan, Canada or Mexico.

Formerly known as the Trans-Pacific Partnership, the CPTPPwas signed by 11 member states in March after the US withdrew from the originalagreement early last year.

It will enter into force 60 days after any six signatorycountries have ratified the agreement.

The Australian Parliament ratified the deal earlier this month.

The other member countries are Brunei, Canada, Chile, Malaysia, Vietnam and Peru.-VNA

VNA

#Comprehensive and Progressive Agreement for Trans-Pacific Partnership #CPTPP #Vietnamplus #Vietnam News Agency #Trade Minister David Parker

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