On February 21, the final version of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) was released ahead of its official signing, which is scheduled for March 8, 2018. The CPTPP reduces tariffs between 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The economies of these nations together account for more than 13% of the total global GDP, or 10 trillion U.S. dollars.
New Zealand Trade Minister David Parker, in a February 21, 2018 news conference, stressed the importance of the deal “because of the growing threats to the effective operation of the World Trade Organization rules.” Steven Ciobo, Australia’s Minister for Trade, also praised the deal telling Reuters that, “the TPP-11 will help create new Australian jobs across all sectors – agriculture, manufacturing, mining, services – as it creates new opportunities in a free trade area that spans the Americas and Asia.”
The United States was a member state of the predecessor to the CPTPP – the Trans Pacific Partnership (“TPP”) – which was negotiated under former
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