Transpacific trade pact to take effect in early 2021

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect on December 30, 2021, according to the agreement’s Depositary, New Zealand.

The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It was signed in March 2018 and has been ratified by all 11 countries.

The CPTPP will reduce tariffs and other trade barriers between the participating countries. It is expected to boost trade and economic growth in the region.

The CPTPP is also seen as a way to counter the rising economic influence of China. The United States, which was originally part of the negotiations, withdrew from the agreement in 2017.

The CPTPP is a significant trade agreement that will have a major impact on the region. It is expected to boost trade and economic growth, and it could also help to counter the rising economic influence of China.

**Key provisions of the CPTPP**

– Reduces tariffs on a wide range of goods and services
– Eliminates non-tariff barriers, such as quotas and restrictions on foreign investment
– Establishes common rules on intellectual property, competition policy, and government procurement
– Creates a dispute settlement mechanism

The CPTPP is a comprehensive and ambitious trade agreement that will have a significant impact on the region. It is expected to boost trade and economic growth, and it could also help to counter the rising economic influence of China.

**Benefits of the CPTPP**

The CPTPP is expected to provide a number of benefits to the participating countries, including:

– Increased trade and economic growth
– Reduced costs for businesses
– Greater choice and lower prices for consumers
– Stronger economic ties between the participating countries

The CPTPP is a major trade agreement that will have a significant impact on the region. It is expected to boost trade and economic growth, and it could also help to counter the rising economic influence of China..

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