TRANS-PA­CIFIC TRADE DEAL TAKES OFF

Business Today - - THE BUZZ -

In stark con­trast to grow­ing pro­tec­tion­ism, the 11-na­tion Com­pre­hen­sive and Pro­gres­sive Agree­ment for Trans-Pa­cific Part­ner­ship (CPTPP) came into force on De­cem­ber 30, 2018, cre­at­ing a free trade area that ac­counts for 13 per cent of the world’s GDP and cov­ers an eco­nomic bloc of 500 mil­lion peo­ple. A re­vised ver­sion of the Trans-Pa­cific Part­ner­ship, the deal en­ables mem­bers to scrap tar­iffs on agri­cul­tural and in­dus­trial prod­ucts for mu­tual ad­van­tage and ease in­vest­ment norms. TPP ne­go­ti­a­tions started in 2010, but the US pulled out in 2017, days af­ter Pres­i­dent Don­ald Trump took of­fice. Ja­pan, Sin­ga­pore, Aus­tralia, New Zealand, Canada and Mex­ico are the first six mem­bers to rat­ify the pact. Viet­nam will soon fol­low suit. Four other na­tions are yet to rat­ify while ef­forts are on to bring more coun­tries on board.

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