Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a proposed new free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
The deal was finalised on 23 January 2018, and the 11 countries are aiming to sign the Agreement on 8 March 2018 in Chile. This Agreement is a separate treaty that incorporates, by reference, the provisions of the Trans-Pacific Partnership (TPP) Agreement (signed but not yet in force), with the exception of a limited set of provisions to be suspended. The 11 countries have a shared vision of the Agreement as a platform that is open to others to join if they are able to meet its high standards.
Importantly for Australia, the CPTPP ensures that the substantial market access package secured in the original CPTPP is maintained (i.e. covering goods and services market openings and commitments on regulations on foreign investment). This market access package will be implemented among the CPTPP Parties, delivering major new opportunities for Australian exporters, investors and firms engaged in international business. The outcome maintains the ambitious scope and high quality standards and rules of the original CPTPP.
Australia ratifies the CPTPP
On 31 October 2018, Australia notified New Zealand, as Depositary of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), that Australia had completed its applicable legal procedures necessary for entry into force of the Agreement.
Australia is the sixth country to ratify the Agreement, meaning it will enter into force on 30 December 2018. Australia joins Canada, Japan, Mexico, New Zealand and Singapore as part of the first group of signatories to ratify the CPTPP.
Please visit the Department of Foreign Affairs and Trade website for comprehensive information on the CPTPP.
The text of the CPTPP is available at http://dfat.gov.au/trade/agreements/tpp/official-documents/
Doing business in CPTPP markets
There is extensive information about doing business in CPTPP markets on this website. Please check under 'Country Profiles':