1. Signed: 08 March 2018
2. Effective date: 30 December 2018
3. Purpose: It is called progressive because it goes beyond reducing costs for businesses. It includes commitments to safeguard high labour and environmental standards across the Asia-Pacific region
4. Coverage: all industries
5. General overview
CPTPP is a free trade agreement (FTA) between 11 countries, including Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. It evolved from the Trans-Pacific Partnership (TPP), which was never ratified due to the withdrawal of the United States.
United Kingdom officially signed the agreement to join on 16 July 2023, increasing the number of signatories to 12 countries, which account for 15% of the global GDP, with a combined population of 480 million people, making CPTPP one of the largest trade agreement, along with NAFTA and RCEP.
CPTPP is called progressive because it goes beyond reducing costs for businesses. It includes commitments to safeguard high labour and environmental standards across the Asia-Pacific region.
Basically, the CPTPP Agreement keeps the content of the TPP Agreement (including 30 chapters and 9 appendices) but allows member countries to suspend 20 groups of obligations to ensure a balance of rights and obligations of each member. member countries in the context of the United States withdrawing from the TPP Agreement. These 20 groups of suspended obligations include 11 obligations related to the Intellectual Property Chapter, 2 obligations related to the Government Procurement Chapter and the remaining 7 obligations related to 7 Chapters, Customs Administration and Trade Facilitation, Investment, Cross-Border Trade in Services, Financial Services, Telecommunications, Environment, Transparency and Anti-Corruption. However, all commitments on market opening in the TPP Agreement remain unchanged in the CPTPP Agreement.
6. Revision versions
- No revision
