The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between 11 countries located around the Pacific Ocean. Originally known as the Trans-Pacific Partnership (TPP), the agreement underwent significant changes after the withdrawal of the United States in 2017 and was subsequently renamed.
The 11 countries involved in the agreement are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, they represent a market of 500 million consumers and a combined GDP of $13.5 trillion, making it one of the world`s largest and most significant trade agreements.
The CPTPP is a comprehensive agreement that covers a broad range of topics related to international trade. It includes provisions on tariffs, customs procedures, intellectual property, investment flows, labor, dispute resolution, and environmental protection, among others. The agreement aims to reduce trade barriers and promote economic growth by facilitating greater trade between its members.
One of the key features of the CPTPP is its emphasis on progressive trade policies. The agreement includes provisions designed to protect the environment, promote social responsibility, and support small and medium-sized enterprises (SMEs). There are also provisions related to labor protections, such as the prevention of forced labor and the promotion of gender equality in the workplace.
Another important aspect of the CPTPP is its approach to intellectual property rights (IPR). The agreement includes provisions on copyright, trademarks, patents, and other forms of IPR, which are designed to encourage innovation and creativity while also protecting the rights of creators and innovators.
In addition to its economic and social benefits, the CPTPP is also significant because of its geopolitical implications. The agreement represents a significant step towards greater economic integration and cooperation in the Asia-Pacific region. It also sends a strong signal about the importance of rules-based trade and the value of international cooperation.
Overall, the CPTPP is a comprehensive and progressive trade agreement that has the potential to deliver significant economic benefits to its members while also promoting social responsibility, environmental protection, and innovation. As the agreement continues to be implemented, it will be important to monitor its impact on the economies and societies of the participating countries.
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