The Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) is a free trade agreement among 11 countries that border the Pacific Ocean. The agreement was signed on March 8, 2018, in Santiago, Chile, and entered into force on December 30, 2018. The CPTPP was originally known as the Trans-Pacific Partnership (TPP) until the United States withdrew from the agreement in 2017, after which the remaining 11 countries renegotiated and rebranded the agreement.
The 11 countries that are part of the CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these countries represent over 13% of global GDP, making the CPTPP one of the largest free trade agreements in the world.
The main objective of the CPTPP is to promote economic integration and growth among the participating countries. The agreement eliminates tariffs on goods and services among the member countries, increases market access for businesses, and strengthens intellectual property protections. The CPTPP also includes provisions on labor rights, environmental protections, and dispute settlement mechanisms.
The agreement has received mixed reviews, with supporters touting its potential economic benefits and opponents criticizing its impact on certain industries and sectors. Advocates of the CPTPP argue that it will help to increase trade among member countries, create jobs, and increase economic growth. However, opponents argue that the agreement may lead to job losses in certain industries, particularly those that are heavily impacted by imports.
Despite the controversy surrounding the CPTPP, it is clear that the agreement represents a major milestone in global trade. The comprehensive and progressive nature of the agreement reflects a new era of free trade agreements that prioritize labor and environmental protections, as well as intellectual property rights. While the true impact of the CPTPP remains to be seen, it is clear that it represents an important step forward in promoting economic growth and integration across the Pacific region.