What is CPTTP? Who are the members of CPTTP?
There is much has been written about the Trans-pacific partnership. After the retreat of the USA, the future of TPP was seen in the dark. But the efforts of other nations do not allow to die a thought which can benefit in large. This article is not about it, it is TPP+ i.e. CPTPP. What is CPTPP? Who are the members of CPTPP? Answers to all question are given below.
After assuming the chair of the President of the USA, Donal Trump signed an executive order withdrawing from the TPP (Trans-Pacific Partnership). The irony is that the former president of the USA, Barack Obama (who championed the TPP) goal regarding it was that TPP would “write the rules for global trade”. The retreating of America from TPP was seen as the end of the TPP.
On 8th March 2018, the 11 nation of Asia-Pacific region announced a new trade bloc known as Comprehensive and Progressive Assesment for Trans-Pacific Partnership (CPTPP) in Chile. CPTPP emerge as a Pheonix which rises from its ashes, similarly, CPTPP also emerges from the ashes of TPP.
The 11 Asia-Pacific countries are its members. Australia, Brunei, Canada. Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. All 11 nations constituted 13.5 % of the world economy. The countries have agreed to bring down tariffs on cross-border trade by as much as 98% after domestic ratification. The door is open for other nations also. Anybody can join this group and it is also hoped that post-Donald Trump presidentship, the USA will again join it.
This move comes the Donal Trump has signed a controversial order of imposing heavy tariffs on steel and aluminum. For those who do not know, the TPP was an ambitious project of a free-trade agreement that nations had been negotiating for almost 10 years. The Constitution of the TPP was covering a wide area of the trade from labour standards to intellectual property rights. China did not show any enthusiasm to join this bloc. The CPTPP is going to help most the poorer countries.