On March 8, 2018 the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in Santiago de Chile.
The 11-member countries of the CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The agreement retains all the tariff reductions and eliminations from the original TPP version and suspends 22 other provisions, including some intellectual property rules.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will reduce among 65% to 100% tariffs in countries that together and creates a market of 438 million consumers (A total of 15% of the worlds trade and $10 trillion in gross domestic product).
This new agreement opens 6 new markets for Mexican products as Mexican economy will reach more than 155 million new possible costumers and strengths our commercial relationships with Japan, Canada, Chile and Peru.
With the deal signed, members will begin domestic ratification procedures.
The CPTPP will take effect 60 days after it is approved by at least six countries.
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