The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) will enter into force on December 30. The agreement was recently ratified by Australia, the sixth to approve it, meeting the threshold to bring it into force. CPTPP includes reduction in tariff and non-tariff barriers among members with high standards on human rights, labour and environment.
CPTPP covers economies representing around 16 per cent of global economic output and 500 million people.
New Zealand trade minister David Parker expressed optimism about other participating members ratifying the agreement over the coming months, according to news wires.
Signed earlier this year, the CPTPP is the successor to the Trans-Pacific Partnership (TPP) after the United States withdrew in January 2017 after Donald Trump became president. The eleven remaining members—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam—agreed to proceed with a new round of negotiations.
Japan, the second largest economy in the original TPP, led the negotiating efforts. Japan, Canada, Mexico, Singapore and New Zealand have already ratified the agreement.
Japanese Prime Minister Shinzo Abe earlier this month expressed interest in seeing the United Kingdom joining the CPTPP after it departs the European Union.
Joining CPTPP will help create 17,000-27,000 jobs each year for Vietnamese workers from 2020, a Vietnamese newspaper quoted Dao Quang Vinh, director of the Institute of Labour Science and Social Affairs, as saying.
To ensure compliance with labour commitments, Vietnam is in the process of amending its labour laws to make them compatible with CPTPP, according to Nguyen Van Binh, deputy head of the department of legislation under the Vietnamese ministry of labour, invalids and social affairs. (DS)
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