Comprehensive and Progressive Agreement for Trans-Pacific Partnership or Cptpp

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement that was signed on March 8, 2018, by 11 countries in the Asia-Pacific region. The CPTPP is designed to promote economic integration among its members and increase trade flow, investment, and growth.

The agreement was negotiated after the United States withdrew from the original Trans-Pacific Partnership (TPP) negotiations in 2017. The remaining 11 members, including Japan, Mexico, Canada, Australia, and New Zealand, decided to move forward with the agreement without the United States.

The CPTPP is a comprehensive agreement, covering a wide range of issues, including market access for goods and services, labor and environmental standards, intellectual property, and investor-state dispute settlement. It also includes provisions on digital trade and e-commerce, a growing area of trade in the global economy.

One of the key benefits of the CPTPP is that it reduces trade barriers among its members, making it easier and less expensive for businesses to trade with each other. For example, the agreement eliminates tariffs on 95% of goods traded among its members, including cars, beef, and wine.

The CPTPP also includes provisions to protect labor rights and the environment, ensuring that trade is conducted in a responsible and sustainable manner. For instance, the agreement requires member countries to enforce their own labor and environmental laws and to take measures to combat illegal, unreported and unregulated fishing.

In addition, the CPTPP provides protections for intellectual property, such as trademarks and patents. This is important for businesses that rely on innovation and intellectual property to succeed in the global marketplace.

Another significant benefit of the CPTPP is that it helps to counterbalance the growing economic influence of China in the Asia-Pacific region. By creating a free trade zone among its members, the agreement promotes economic integration that is open and transparent, making it less likely that China will be able to dominate trade in the region.

In conclusion, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a comprehensive and progressive free trade agreement that promotes economic integration and trade among its member countries. The agreement reduces trade barriers and includes provisions to protect labor rights, the environment, and intellectual property. It also helps to counterbalance China`s growing economic influence in the Asia-Pacific region.