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23-7-15 The UK has signed a deal to join the CPTPP trade pact with several countries in Asia and the Pacific, including Japan and Australia.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement between 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The founding members signed the Pacific trade pact in March 2018 in Santiago, Chile. Between them, they generate 13% of the world's income.
The UK is the first non-founding country to join, and will be its second biggest economy after Japan. It takes the value of the new grouping to £11 trillion.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11, is a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It evolved from the Trans-Pacific Partnership (TPP), which never entered into force due to the withdrawal of the United States. The eleven signatories have combined economies representing 13.4 percent of global gross domestic product, at approximately US$13.5 trillion, making the CPTPP one of the world's largest free-trade areas by GDP, along with the United States–Mexico–Canada Agreement, the European Single Market, and the Regional Comprehensive Economic Partnership.
The TPP had been signed on 4 February 2016, but never entered into force, as the U.S. withdrew from the agreement soon after the election of UNpresident DJT. All other TPP signatories agreed in May 2017 to revive the agreement, with Japan widely reported as taking the leading role in place of the U.S. In January 2018, the CPTPP was created as a succeeding agreement, retaining two-thirds of its predecessor's provisions; 22 measures favored by the US, but contested by other signatories, were suspended, while the threshold for enactment was lowered so as not to require American accession.
The formal signing ceremony was held on 8 March 2018 in Santiago, Chile. The agreement specifies that its provisions enter into effect 60 days after ratification by at least half the signatories (six of the eleven participating countries). Australia was the sixth nation to ratify the agreement, on 31 October 2018, and it subsequently came into force for the initial six ratifying countries on 30 December 2018.
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.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement between 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The founding members signed the Pacific trade pact in March 2018 in Santiago, Chile. Between them, they generate 13% of the world's income.
The UK is the first non-founding country to join, and will be its second biggest economy after Japan. It takes the value of the new grouping to £11 trillion.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11, is a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It evolved from the Trans-Pacific Partnership (TPP), which never entered into force due to the withdrawal of the United States. The eleven signatories have combined economies representing 13.4 percent of global gross domestic product, at approximately US$13.5 trillion, making the CPTPP one of the world's largest free-trade areas by GDP, along with the United States–Mexico–Canada Agreement, the European Single Market, and the Regional Comprehensive Economic Partnership.
The TPP had been signed on 4 February 2016, but never entered into force, as the U.S. withdrew from the agreement soon after the election of UNpresident DJT. All other TPP signatories agreed in May 2017 to revive the agreement, with Japan widely reported as taking the leading role in place of the U.S. In January 2018, the CPTPP was created as a succeeding agreement, retaining two-thirds of its predecessor's provisions; 22 measures favored by the US, but contested by other signatories, were suspended, while the threshold for enactment was lowered so as not to require American accession.
The formal signing ceremony was held on 8 March 2018 in Santiago, Chile. The agreement specifies that its provisions enter into effect 60 days after ratification by at least half the signatories (six of the eleven participating countries). Australia was the sixth nation to ratify the agreement, on 31 October 2018, and it subsequently came into force for the initial six ratifying countries on 30 December 2018.
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.
21-9-17 China applies to join key Asia-Pacific trade pact:
In May 2020, Chinese Premier Li Keqiang said that China is willing to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Meanwhile, Chinese President Xi Jinping said at an Asia-Pacific Economic Cooperation (APEC) summit November 2020 that China would also “actively consider” joining the CPTPP. In response, trade experts interpreted China’s position as having a “different strategic significance” from an actual intent to join. Their analysis is that China aims to keep the US from joining and delay the CPTPP’s expansion into a larger-scale framework.
James Kane, a researcher with the UK’s Institute for Government, recently told Reuters that the CPTPP has a political purpose, as well as an economic one, in the sense that it aims to present a bloc as a common front — representing 13.5% of the global market economy — in order to create new rules countering China’s practices of disrupting global trade norms, including its subsidies to state enterprises.
Analysts also predicted that the existing members would be very likely to exercise veto powers if China does apply later on to join the CPTPP. The agreement of all 11 members is required for additional members to join.
On 16 September 2021, China submitted a formal application with New Zealand to join the CPTPP.
Chinese commerce minister Wang Wentao said the world's second largest economy had submitted its application to join the free trade agreement in a letter to New Zealand's trade minister, Damien O'Connor. New Zealand acts as the administrative centre for the pact.
China has applied to join a key Asia-Pacific trade pact as it attempts to strengthen its position in the region. The move comes the day after a historic [AUKUS] security deal between the US, UK and Australia was unveiled. China's announcement that it has officially applied to join the CPTPP comes the day after the historic AUKUS security pact, in what has been seen as an effort to counter Beijing's influence in the Asia-Pacific region. The AUKUS pact will allow Australia to build nuclear-powered submarines for the first time, using technology provided by the US and the UK. The deal, which will also cover Artificial Intelligence and other technologies, is Australia's biggest defence partnership in decades, analysts said.
The pact that eventually became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was created by the US to counter China's influence. However, former UNpresident DJT pulled the US out of it in 2017.
James Kane, a researcher with the UK’s Institute for Government, recently told Reuters that the CPTPP has a political purpose, as well as an economic one, in the sense that it aims to present a bloc as a common front — representing 13.5% of the global market economy — in order to create new rules countering China’s practices of disrupting global trade norms, including its subsidies to state enterprises.
Analysts also predicted that the existing members would be very likely to exercise veto powers if China does apply later on to join the CPTPP. The agreement of all 11 members is required for additional members to join.
On 16 September 2021, China submitted a formal application with New Zealand to join the CPTPP.
The original Trans-Pacific Partnership (TPP) was promoted by then-President Barack Obama as an economic bloc to challenge China's increasingly powerful position in the Asia Pacific. After DJT pulled the US out of the deal, Japan led negotiations to create what became the CPTPP. The CPTPP was signed in 2018 by 11 countries, including Australia, Canada, Chile, Japan and New Zealand.
In June 2021, the UK formally launched negotiations to join the CPTPP, while Thailand has also signalled interest in joining the agreement.
Joining the CPTPP would be a significant boost for China, especially after it signed up to a different free trade agreement with 14 countries - called the Regional Comprehensive Economic Partnership (RCEP) - in November 2020. RCEP is the world's largest trading bloc, with South Korea, China, Japan, Australia and New Zealand among its members.
In June 2021, the UK formally launched negotiations to join the CPTPP, while Thailand has also signalled interest in joining the agreement.
Joining the CPTPP would be a significant boost for China, especially after it signed up to a different free trade agreement with 14 countries - called the Regional Comprehensive Economic Partnership (RCEP) - in November 2020. RCEP is the world's largest trading bloc, with South Korea, China, Japan, Australia and New Zealand among its members.
Chinese commerce minister Wang Wentao said the world's second largest economy had submitted its application to join the free trade agreement in a letter to New Zealand's trade minister, Damien O'Connor. New Zealand acts as the administrative centre for the pact.
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