Comprehensive Progressive Trans-Pacific Partnership
The Comprehensive Progressive Trans-Pacific Partnership, or otherwise known as CPTPP, is a trade a which includes Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Although the trade agreement has been signed by all countries, the next step is for each member to receive the revised text of the CPTPP, including the suspended obligations that were agreed upon during the last summit followed by ratification by each individual member.
The agreement will come into force when 6 of the 11 member countries ratify the CPTPP at which time the agreement will come into force for the countries that have ratified the CPTPP. The majority of the tariff reductions on goods will take effect when the CPTPP comes into force, as will liberalization provisions for services and investment.
The member countries are targeting late 2018 for entry into force but may slip into 2019 depending on how quickly the parties can resolve the outstanding negotiating issues and complete their respective ratification procedures.