MOSCOW (Pakistan Point News / Sputnik - 31st October, 2018) The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a wide-ranging trade agreement aimed at lowering trade barriers between the 11 member countries, will enter into force at the end of December, the New Zealand government said on Wednesday.
Australia has become the sixth nation to ratify the deal, alongside Japan, Canada, Mexico, Singapore and New Zealand.
"New Zealanders will start to see the benefits of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) from December 30 after confirmation today the required six nations have now ratified the trade pact," the statement read.
The remaining countries yet to ratify the deal are Brunei, Chile, Malaysia, Peru and Vietnam.
The original 12-member Trans-Pacific Partnership (TPP), including the United States, was signed in 2016. However, US President Donald Trump withdrew from the agreement in 2017, arguing that poorly negotiated trade deals were harmful to the US job market.
The 11 remaining nations signed the revised version of the TPP on March 8.
