|Malaysia's Free Trade Agreements||
Trans-Pacific Partnership Agreement (TPP) & Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
TPP & CPTPP
Trans-Pacific Partnership Agreement (TPP)
The Trans-Pacific Partnership Agreement (TPP) builds on the FTA signed by the Pacific 4 (P4) countries, New Zealand, Singapore, Chile and Brunei Darussalam in 2005 and came into force in 2009.
TPP is a trade agreement between 12 Pacific Rim nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Viet Nam. These pioneer TPP members represent a market of 800 million people with a combined GDP of USD 27.5 trillion. As a landmark 21st century agreement, the TPP sets a new standard for global trade while taking up next-generation issues.
Signed by the 12 countries on 4 February 2016 in Auckland, New Zealand the Agreement has not yet entered into force. On 23 January 2017, United States President Donald Trump signed a Presidential Memorandum to withdraw the US from TPP. The Agreement as it stands cannot enter into force without the US, as it accounts for 60% of the combined GDP of the 12 TPP members.
New Zealand, which is the depository for the TPP, ratified the Agreement in May 2017. Japan has also ratified it.
In light of the US withdrawal, the TPP Ministers from the remaining 11 member countries convened a meeting on 21 May 2017 on the sideline of the APEC MRT Meeting in Hanoi, Vietnam and affirmed the economic and strategic importance of TPP, particularly as a vehicle for regional economic integration.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
On 9-10 November 2017 in Da Nang, Viet Nam, Ministers of the 11 TPP countries have reached an agreement on the way forward to implement the Trans-Pacific Partnership Agreement (TPP). The 11 members agreed on the text of the Agreement, renamed as the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP).
CPTPP will incorporate the original TPP Agreement, with suspension of a limited number of provisions, while maintaining the high standard and comprehensive nature of the Agreement.
Ministers also agreed and endorsed the List of Suspended Provisions. These provisions were part of the original TPP text. In addition, a number of issues remain to be finalised before the signing of the Agreement. The 11 countries will continue to work together to finalise these items by the date of signature.
The signing of CPTPP will be decided by all Parties once all the technical work and outstanding issues are finalised.
An outline of the Agreement and list of suspended provisions are as follows:
The eleven countries in the CPTPP are: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam.
TPP TEXT AGREEMENT
Any enquiry on the TPP can be directed to:
Ministry of International Trade and Industry
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