Trans-Pacific Partnership will enter into force on December 30
Last week the Canadian Government announced the final approval of a bill to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Canada was the fifth country to ratify the agreement as Mexico, Japan, Singapore and New Zealand had already ratified the CPTPP through their respective processes. The agreement is to come into force when six of the original member countries have given their final approval.
This week Australia became the sixth country to ratify the agreement. As the CPTPP is designed to enter into force 60 days after the sixth signature, it will now officially take effect on December 30, 2018.
The Government of Canada said it will work expeditiously to complete the necessary domestic procedures to fully implement the CPTPP.
Upon entry into force, 86% of CPTPP countries’ tariff lines will become duty-free.
The remaining member countries that have yet to ratify are Brunei Darussalam, Chile, Malaysia, Peru and Vietnam.