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Comprehensive and Progressive Agreement for TPP
March 15 , 2018
2319 days
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- 11 Pacific Rim countries have formally entered into Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CP TPP or TPP11 in Santiago, Chile.
- It is the revised version of Trans-Pacific Partnership (TPP) proposed by US, that was finalized after US withdrew from it.
- TPP11 includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
- It will be world’s third largest trade bloc after European Union (EU) and North American Free Trade Agreement (NAFTA).
- It will come into effect 60 days after six of the 11-member countries ratify the agreement domestically.
- It eliminates some requirements of original TPP demanded by US, including rules to ramp up intellectual property protection of pharmaceuticals.
- The US withdrew from the 12-member Trans-Pacific Partnership (TPP) agreement in January 2017.
- After US withdrawal, remaining 11 countries had decided to forge ahead regardless and finalized the agreement in January 2018.
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