The Comprehensive and Progressive Agreement for Trans-Pacific Partnership can be described as a free trade agreement between Australia, Canada, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, Mexico and Japan. It is one of the largest free trade agreements negotiated to date. It was signed on 8 March 2018 in Santiago, Chile. It has not entered into force and enters into force after 60 days after ratification by the original signatories. On 28 June 1, 2018, Mexico was the first country to conclude its national process of ratification of the CPTPP, with President Enrique Peña Nieto declaring: “With this new generation agreement, Mexico diversifies its economic relations with the world and demonstrates its commitment to openness and free trade.” [20] [21] However, Canada`s greatest reservation was a conflict between the percentage of a vehicle that must come from a CPTPP member country to enter duty-free, which was 45% below the original language of the TPP and 62.5% below NAFTA. Japan, which is a major exporter of automobiles, supports significantly lower requirements. [17] In January 2018, Canada announced that it would sign the CPTPP after receiving mandatory ancillary letters on culture and bilateral agreements with Japan, Malaysia and Australia on non-tariff barriers to trade with any other CPTPP member country. The Auto Parts Manufacturers` Association of Canada strongly criticized the increase in the percentage of spare parts that can be imported duty-free and found that the United States was moving in the opposite direction by demanding stricter import standards in the ongoing nafta renegotiation. [18] On 19 July 2018, Singapore became the third country that ratified the agreement and deposited its instrument of ratification. [24] [25] On 6 July 2018, Japan was the second country to ratify the agreement.

[22] [23] The agreement connects 11 Asia-Pacific economies – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – and provides its members with freer access to trade and investment. The agreement between Australia, Canada, Japan, Mexico, New Zealand and Singapore entered into force on 30 December 2018. In February 2019, Canadian Jim Carr, Minister of International Trade Diversification, delivered a keynote address at a seminar on the theme of the CPTPP – Expanding Your Business Horizons, where he addressed companies who said that using the agreement provides a bridge to more easily share people, goods and services. [19] Despite the withdrawal of the world`s largest economy from the TPP agreement, the CPTPP is one of the largest free trade agreements in the world and accounts for nearly 13.5% of global gross domestic product (GDP). The US president argued that the deal would “undermine” the US economy and its independence. On 25 October 2018, New Zealand ratified the CPTPP, bringing to four the number of countries that have formally ratified the agreement. [29] The Trans-Pacific Partnership agreement was concluded on the 4th but never entered into force, Donald Trump having withdrawn the United States from the agreement shortly after his election. [7] All original signatories to the TPP, with the exception of the United States, agreed in May 2017 on a stimulus[8][9] and reached an agreement in January 2018 on the conclusion of the CPTPP.

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