11 nations signed a slimmed-down version of the Trans-Pacific Partnership (TPP) trade agreement – the CPTPP agreement onThursday, moving to lower tariffs just as US President Donald Trump raised them after withdrawing from the deal. 11 nations signed CPTPP agreement on March 8 in Chile (Reuters) The TPP, which would have represented 40 per cent of the global economy and nearly one-quarter of its trade, was left for dead after Trump pulled out to pursue his “America First” agenda. But the revamped deal, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is still a significant achievement and a victory for openness, its supporters said at the signing ceremony in Santiago, Chile. The pact includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, representing together 13.5 per cent of the global economy. “We are proud to have completed this process, sending a strong message to the international community that opening markets, economic integration and international cooperation are the best tools to create economic opportunity and prosperity,” said Chilean President Michelle Bachelet. The 11 states form a market of 500 million people, greater than that of the European Union. The deal was signed… Read full this story
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