Australia this week became the latest country ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – or TPP-11 – meaning the trade pact will enter into force on 30 December 2018.
Six of the 11 parties of the deal have now officially ratified the trade agreement, with Australia becoming the last country to sign before a 60-day countdown could start on its implementation.
Canada approved the bill just last month, joining Mexico, Japan, Singapore and New Zealand who have already signed the deal. Brunei, Chile, Malaysia, Peru and Vietnam are all party to the trade pact but have yet to ratify it.
The CPTPP will eventually remove duties on 95% of goods traded between member countries, including all textiles and apparel. Together, the 11 countries account for 13% of the world’s gross domestic product (GDP).
The CPTPP arose from the ashes of the Trans-Pacific Partnership (TPP) after the US pulled out last year as part of President Donald Trump’s ‘America First’ agenda.
In April, however, the President suggested he may reverse his long-standing position and explore the possibility of re-joining the trade pact. However, this would depend on each of the 11 countries agreeing to let the US join, and consent to any concessions Washington might request before the country would be permitted to participate.