Comprehensive and Progressive Agreement for Trans-Pacific Partnership

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CPTPP
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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Parties (darkgreen) and other Signatories (light green)
Type Trade agreement
Signed 8 March 2018
Location Santiago, Chile
Sealed 23 January 2018
Effective 30 December 2018
Condition 60 days after ratification by 50% of the signatories, or after six signatories have ratified
Signatories
Ratifiers
Depositary Government of New Zealand[1]
Languages English (prevailing in the case of conflict or divergence), Spanish and French[1]

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11,[2][3][4][5] is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The eleven countries' combined economies represent 13.4 percent of the global gross domestic product, approximately US$13.5 trillion, making the CPTPP the third largest free trade area in the world by GDP after the North American Free Trade Agreement and European Single Market.[6]

The CPTPP incorporates most of the Trans-Pacific Partnership (TPP) provisions by reference, but suspended 22 provisions the United States favored that other countries opposed, and lowered the threshold for enactment so the participation of the U.S. is not required.[7] The TPP was signed on 4 February 2016, but never entered into force as a result of the withdrawal of the United States.[8]

All original TPP signatories, except the U.S., agreed in May 2017 to revive it[9][10] and reached agreement in January 2018 to conclude the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The formal signing ceremony was held on 8 March 2018 in Santiago, Chile.[11][12]

The provision of the agreement specify that it enters into effect 60 days after ratification by at least 50% of the signatories (six of the eleven participating countries).[7] The sixth nation to ratify the deal was Australia on 31 October, with the agreement coming into force on 30 December 2018.[13]

Provisions

Two-thirds of the provisions in the signed CPTPP are identical to the TPP draft at the time the United States left the negotiating process. The chapter on state-owned enterprises (SOEs) is unchanged, requiring signatories to share information about SOEs with each other, with the intent of engaging with the issue of state intervention in markets. It includes the most detailed standards for intellectual property of any trade agreement, as well as protections against intellectual property theft against corporations operating abroad.[14]

Twenty-two TPP provisions that were priorities of the United States but not other negotiating partners were suspended or modified from the signed CPTPP.[14] One of the most contested provisions advocated for by the US was for increased abilities of companies to sue national governments, in particular over strict regulations over oil and gas developments. Another was the US insistence that copyright extend for the author's lifetime plus 70 years, which is not standard in other countries, and was substantially reduced in the CPTPP language.[6]

Negotiations

During the round of negotiations held concurrently with the Asia-Pacific Economic Cooperation forum in Vietnam in November 2017, Canadian PM Justin Trudeau refused to sign the agreement in principle, stating reservations about the provisions on culture and automotives. Media outlets in Australia, New Zealand, and Japan, which strongly supported quick movement on a deal, strongly criticized what they portrayed as a Canadian sabotage.[15] Canada insisted that cultural and language rights, specifically related to the French-speaking minority, be protected.[16] However, Canada's major reservation was a conflict between the percentage of a vehicle that must originate in a CPTPP member nation to enter tariff-free, which was 45% under the original TPP language and 62.5% under the NAFTA agreement. Japan, which is a major automobile part exporter, strongly supports lower requirements.[15] In January 2018, Canada announced that it would sign the CPTPP after obtaining binding side letters on culture with every other CPTPP member country, as well as bilateral agreements with Japan, Malaysia, and Australia related to non-tariff barriers. Canada's Auto Parts Manufacturers' Association sharply criticized increasing the percentages of automobile parts that may be imported tariff-free, noting that the United States was moving in the opposite direction by demanding stricter importation standards in the ongoing NAFTA renegotiation.[16]

Ratifications

On 28 June 2018, Mexico became the first country to finish its domestic ratification procedure of the CPTPP, with Mexican President Enrique Peña Nieto stating, "With this new generation agreement, Mexico diversifies its economic relations with the world and demonstrates its commitment to openness and free trade."[17] [18]

On 6 July 2018, Japan became the second country to ratify the agreement.[19][20]

On 19 July 2018, Singapore became the third country to ratify the agreement and deposit its instrument of ratification.[21][22]

On 17 October 2018, Australia Federal Parliament passed relevant legislation through the Australian Senate.[23][24][25]The official ratification is deposited on Wednesday, 31 October 2018.[5]

On 25 October 2018, New Zealand ratified the CPTPP taking to four the number of countries that have formally ratified the agreement[26].

Also on 25 October 2018, Canada passed[27] and royal assent has been granted[28] to the enabling legislation. The official ratification is deposited on Monday, 29 October 2018[29][30][31].

On 2 November 2018, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and related documents were submitted to the National Assembly of Vietnam for ratification.[32]. On 12 November 2018, the National Assembly passed a resolution ratifying the CPTPP.[33].The official ratification is deposited on 15 November 2018.[34] .

An overview of the legislative process in selected states is shown below:

Signatory Signature[11] Institution Conclusion date In favour Against AB Deposited Ref.
 Mexico 8 March 2018 Senate 24 April 2018 73 24 28 June 2018

[17][18]

 [35]
Presidential Assent 23 May 2018 Granted
 Japan 8 March 2018 House of Representatives 18 May 2018 Majority approval (Standing vote) 6 July 2018[19] [36]
House of Councillors 13 June 2018 168 69 [37]
 Singapore 8 March 2018 no parliamentary approval required 19 July 2018[21] [38]
 New Zealand 8 March 2018 House of Representatives 24 October 2018 111 8 25 October 2018[39] [40][41]
Royal assent 25 October 2018 Granted [40]
 Canada 8 March 2018 House of Commons 16 October 2018 236 44 1 29 October 2018[29][30] [42]
Senate 25 October 2018 Majority approval (Voice vote) [27]
Royal assent 25 October 2018 Granted [28][31]
 Australia 8 March 2018 House of Representatives 19 September 2018 Majority approval (Standing vote) 31 October 2018[5] [43][24][25]
Senate 17 October 2018 33 15 [44][24][25]
Royal assent 19 October 2018 Granted [24][25]
 Vietnam 8 March 2018 National Assembly 12 November 2018 469 0 0 15 November 2018.[34] [45][46]

Entry into Force

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will enter into force on 30 December 2018 for Mexico, Japan,Singapore,New Zealand,Canada and Australia.[47]CPTPP will enter into force on 14 January 2019 for Viet Nam.[34]

Potential future members

In January 2018 the United Kingdom government stated it is exploring becoming a member of the Trans-Pacific Partnership to stimulate exports after Brexit in March 2019 and has held informal discussions with the members.[48] The country has an overseas territory, the Pitcairn Islands, in the Pacific Ocean.[49] In October 2018, Japanese Prime Minister Shinzo Abe said he would welcome the United Kingdom joining the partnership post-Brexit.[50]

On 25 January 2018, U.S. President Donald Trump in an interview announced his interest in possibly rejoining the TPP if it were a "substantially better deal" for the United States. He withdrew the U.S. from the original agreement in January 2017.[51] On 12 April 2018, President Donald Trump told the White House National Economic Council Director Larry Kudlow and U.S. Trade Representative Robert Lighthizer to look into joining the new deal.[52]

Country Status 2016 agreement Status CPTPP Announced Interest
 United Kingdom Non TPP signatory Announced Interest[48] January 2018
 United States Former TPP signatory Announced Interest[51][52] January 2018
 Colombia Non TPP signatory Announced Interest[53] 2018
 Indonesia Non TPP signatory Announced Interest[53] 2018
 South Korea Non TPP signatory Announced Interest[53] 2018
 Taiwan Non TPP signatory Announced Interest[53] 2018
 Thailand Non TPP signatory Announced Interest[53] 2018

See also

References

  1. ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ 5.0 5.1 5.2 Australia ratifies the TPP-11
  6. ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ 7.0 7.1 The TPP Is Dead. Long Live The Trans-Pacific Trade Deal
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ 11.0 11.1 Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ 14.0 14.1 Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ 15.0 15.1 Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ 16.0 16.1 Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ 17.0 17.1 Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ 18.0 18.1 The official website of the New Zealand Government ,28 June 2018 CPTPP law in the House as Mexico first to ratify
  19. ↑ 19.0 19.1 Notification of Completion of Domestic Procedures for the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (TPP11 Agreement)
  20. ↑ The official website of the New Zealand Government ,6 JULY 2018 Japan, world’s third largest economy, ratifies CPTPP
  21. ↑ 21.0 21.1 SINGAPORE RATIFIES THE COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS-PACIFIC PARTNERSHIP
  22. ↑ The official website of the New Zealand Government ,19 JULY 2018 Singapore becomes third nation to ratify CPTPP
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ 24.0 24.1 24.2 24.3 Customs Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018 Australian Parliament
  25. ↑ 25.0 25.1 25.2 25.3 Customs Tariff Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Implementation) Bill 2018 Australian Parliament
  26. ↑ New Zealand ratifies CPTPP during trade minister’s trip to Ottawa and Washington
  27. ↑ 27.0 27.1 Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ 28.0 28.1 Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ 29.0 29.1 Statement by Minister Carr on Canada’s Ratification of Comprehensive and Progressive Agreement for Trans-Pacific Partnership
  30. ↑ 30.0 30.1 Canada's sprint to ratify sets up Trans-Pacific trade deal to take effect this year CBC(Canada) News
  31. ↑ 31.0 31.1 Timeline of the CPTPP
  32. ↑ Trans-Pacific trade agreement submitted to NA for approval VOVWORLD Friday, November 2, 2018 | 16:19:35
  33. ↑ NA ratifies CPTPP trade deall VOVWORLD Monday, November 12, 2018 | 18:31:21
  34. ↑ 34.0 34.1 34.2 Lua error in package.lua at line 80: module 'strict' not found.
  35. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  36. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  37. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  38. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  39. ↑ New Zealand ratifies CPTPP during trade minister’s trip to Ottawa and Washington
  40. ↑ 40.0 40.1 Lua error in package.lua at line 80: module 'strict' not found.
  41. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  42. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  43. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  44. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  45. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  46. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  47. ↑ CPTPP underway – tariff cuts for our exporters on 30 December
  48. ↑ 48.0 48.1 Lua error in package.lua at line 80: module 'strict' not found.
  49. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  50. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  51. ↑ 51.0 51.1 Lua error in package.lua at line 80: module 'strict' not found.
  52. ↑ 52.0 52.1 Trump to explore entering Pacific trade pact he once called 'a disaster'
  53. ↑ 53.0 53.1 53.2 53.3 53.4 Lua error in package.lua at line 80: module 'strict' not found.

External links

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