NHK | 12 July 2023
Trans-Pacific trade deal in effect in all member states
A major trans-Pacific trade deal has come into force in all 11 countries that originally signed it. This comes after the Southeast Asian nation of Brunei completed its ratification process.
The deal, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, creates a massive free trade bloc spanning the Pacific.
Among its members are Japan, Australia, New Zealand, Canada, Mexico and Singapore.
The pact took effect in December 2018 after being ratified by more than six signatories.
Brunei says it aims to expand trade with North and South America, including Canada and Chile.
As of 2021, the CPTPP countries had a population of around 500 million, and a combined GDP of nearly 12 trillion dollars.
The pact eliminates tariffs on a wide range of items and sets out common rules for investment and services.
Members have reached a broad agreement on Britain’s entry to the group. It must also decide how to respond to requests from both China and Taiwan to join.