Comprehensive and Progressive Agreement for Trans-Pacific Partnership facts for kids
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As of July 2023: Parties Signatories Formal applicants Potential applicants
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| Type | Trade agreement |
|---|---|
| Signed | 8 March 2018 |
| Location | Santiago, Chile |
| Sealed | 23 January 2018 |
| Effective | 30 December 2018 |
| Condition | 60 days after ratification by 50% of the signatories, or after six signatories have ratified |
| Signatories | |
| Parties | |
| Depositary | Government of New Zealand |
| Languages | English (prevailing in the case of conflict or divergence), French, and Spanish |
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11, is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It evolved from the Trans-Pacific Partnership (TPP), which was never ratified due to the withdrawal of the United States. The eleven members have combined economies representing 13.4 percent of global gross domestic product, at approximately US$13.5 trillion, making the CPTPP one of the world's largest free-trade areas by GDP, along with the United States–Mexico–Canada Agreement, the European single market, and the Regional Comprehensive Economic Partnership. The United Kingdom formally signed the trade agreement on 16 July 2023 and will join the agreement when it has been ratified by all parties.
The TPP had been signed on 4 February 2016 but never entered into force, as the U.S. withdrew from the agreement soon after the election of president Donald Trump. All other TPP signatories agreed in May 2017 to revive the agreement, with Shinzo Abe's administration in Japan widely reported as taking the leading role in place of the U.S. In January 2018, the CPTPP was created as a succeeding agreement, retaining two-thirds of its predecessor's provisions; 22 measures favored by the U.S. but contested by other signatories were suspended, while the threshold for enactment was lowered so as not to require U.S. accession.
The formal signing ceremony was held on 8 March 2018 in Santiago, Chile. The agreement specifies that its provisions enter into effect 60 days after ratification by at least half the signatories (six of the eleven participating countries). On 31 October 2018, Australia was the sixth nation to ratify the agreement; it subsequently came into force for the initial six ratifying countries on 30 December 2018.
The chapter on state-owned enterprises (SOEs) requires signatories to share information about SOEs with each other, with the intent of engaging with the issue of state intervention in markets. It includes the most detailed standards for intellectual property of any trade agreement, as well as protections against intellectual property theft against corporations operating abroad.
The CPTPP commission in 2023 is chaired by New Zealand.
See also
In Spanish: Acuerdo Amplio y Progresista de Asociación Transpacífico para niños
- Accession of the United Kingdom to CPTPP
- Free and Open Indo-Pacific (FOIP)
- Free trade agreements of Canada
- Free trade agreements of New Zealand
- Free trade agreements of the United Kingdom
- Free trade area
- Indo-Pacific Economic Framework (IPEF)
- Market access
- Regional Comprehensive Economic Partnership (RCEP)
- Rules of origin
- Tariff
