The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took place in Santiago, Chile on March 8, 2018. New Zealand, however, remains the official repository country for the CPTPP, whose Ministry of Foreign Affairs and Trade released the final version on February 22, 2018.  Signatory countries include: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Among new benefits under the CPTPP, access to transport services for Canada from its 10 partners.

 

Twenty-two provisions were suspended from the original draft, following US withdrawal from the Transpacific Pacific Partnership (TPP). These provisions mostly impacted the US software industry. However, if conditions are favorable, there’s a chance the United States may join later although there is no guarantee that members to the CPTPP will lift the suspensions.

 

The finalized CPTPP contains 30 chapters and numerous Side instruments and Annexes. The CPTPP will take effect 60 days after it is approved by 6 signatories or at least 50 percent of the parties, per Article 3 of the CPTPP.  Each country must process ratification and legislative implementation so that the CPTPP becomes law in its jurisdiction.

Please contact lcuevas@sillac.com for further information on how Chile, Mexico, and Peru can benefit your business under the CPTPP, or if you wish to receive the CPTPP text and chapters.