Japan adopts new Trans-Pacific trade deal signing
(VOVWORLD) - Japan on Tuesday approved the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a successor to the Trans-Pacific Partnership (TPP).
The 11 countries of the CPTPP are set to sign their pact in March in Chile and the agreement will take effect next year.
The deal will reduce tariffs in economies that together amount to more than 13 percent of global GDP. The pact will come into force 60 days after it is fully ratified by at least six of the 11 members. The US withdrew from the deal last year while the 11 remaining countries agreed to maintain it and rename it the CPTPP.