The United Kingdom has formally signed its accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP)
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a modern and ambitious free trade agreement between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It covers nearly 500 million people, 14 percent of global GDP and 15 percent of global trade. As such, it is one of the largest and most significant free trade agreements in the region. CPTPP was signed in March 2018. CPTPP entered into force in December 2018.
CPTPP is a modern and ambitious FTA. The agreement achieves duty-free treatment for nearly 97 percent of all goods. CPTPP has led to a comprehen-sive opening of the services sectors. All relevant protection standards apply to investments. In addition, CPTPP is particularly convincing by the fact that it also addresses a number of non-tariff issues.
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