CPTPP trade deal officially takes effect
The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into force on December 30, creating a free trade area covering more than a tenth of the global economy.
The CPTPP will cut tariffs on agricultural and industrial products, ease investment regulations and enhance protection of intellectual property. The trade deal was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in Santiago in March 2018.
