The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement that was signed in March 2018. It is a comprehensive agreement that aims to create a free trade area for the Asia-Pacific region. It includes 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The CPTPP was formed after the United States withdrew from the original Trans-Pacific Partnership (TPP) agreement. The agreement was negotiated by the remaining 11 countries and was signed in March 2018. The agreement entered into force on December 30, 2018.
The CPTPP is a comprehensive trade agreement that covers a wide range of areas, including goods, services, investment, intellectual property, and e-commerce. It eliminates or reduces tariffs and non-tariff barriers on goods, making it easier for businesses to trade goods between the member countries.
The agreement also includes provisions on labor standards, environmental protection, and transparency. It includes a dispute resolution mechanism that allows member countries to resolve disputes through a neutral third party.
One of the key benefits of the CPTPP is increased market access for member countries. It opens up new opportunities for businesses to export goods and services to other member countries, which can increase economic growth and create jobs. It also helps to promote regional integration and cooperation in the Asia-Pacific region.
The CPTPP is also seen as a way to counter the rise of protectionist policies around the world. It promotes free trade and open markets, which can help to support economic growth and reduce poverty.
Overall, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a significant trade agreement that aims to promote regional integration and cooperation in the Asia-Pacific region. It provides numerous benefits for member countries, including increased market access and economic growth. As such, it is an important step towards promoting free trade and open markets in the global economy.