Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement among 12 nations in the Asia-Pacific region, initially including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and later joined by the UK. It evolved from the Trans-Pacific Partnership (TPP) after the U.S. withdrew in 2017. The CPTPP aims to reduce and eliminate tariffs and non-tariff barriers, promoting economic integration and cooperation. Key features of the CPTPP include the elimination of nearly 99% of tariff lines, commitments to high labor and environmental standards, and provisions for e-commerce and digital trade. It also includes a dispute settlement mechanism and provisions for state-owned enterprises. The agreement supports sustainable economic development and protects member states' rights to regulate in the public interest. The CPTPP offers significant market access opportunities, with member economies accounting for a substantial portion of global GDP.