News
Japan Customs has confirmed that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), known as TPP11, will take effect on December 30, 2018 in six countries which have completed ratification procedures, namely Australia, Canada, Japan, Mexico, New Zealand and Singapore.
The agreement is a free trade agreement (FTA) and was used to be called the Trans-Pacific Partnership (TPP) but was formally renamed after U.S. President Donald Trump signed an executive order removing the country from TPP in January 2018.
CPTPP was signed by the 11 countries in March 2018 in Santiago, Chile. The signatory countries are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
The agreement is expected to establish a more seamless trade and investment environment across the 11 countries by setting commonly-agreed rules, lowering or eliminating tariffs on agricultural and industrial goods and promoting transparency of laws and regulations.
