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

About

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a significant free trade agreement that enhances market access and economic integration among its member countries. It covers virtually all sectors and aspects of trade, aiming to reduce trade barriers and facilitate trade between member nations. Originally derived from the Trans-Pacific Partnership (TPP), the CPTPP was signed in March 2018 by 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It officially came into force in December 2018 for the first six ratifying countries and has since been ratified by all original signatories. The CPTPP features ambitious market-access commitments in trade in goods, services, investment, labor mobility, and government procurement. It establishes clear rules to create a consistent, transparent, and fair business environment, including chapters on technical barriers to trade, customs administration, and state-owned enterprises. The agreement also includes provisions for environmental and labor protections, ensuring that trade and investment do not undermine these standards. With the UK's accession in July 2023, the CPTPP now includes 12 member countries, offering preferential access to a large market of over 580 million consumers and contributing to global economic growth.