In January 2018, the UK government said it was studying membership of the CPTP to boost exports after Brexit and held informal discussions with several members. [65] The country has an overseas territory, the Pitcairn Islands, in the Pacific Ocean. [66] In October 2018, Japanese Prime Minister Shinzo Abe said he wanted the UK to join the partnership after Brexit. [67] In a joint article with Simon Birmingham, David Parker and Chan Chun Sing, Trade Ministers of Australia, New Zealand and Singapore, UK Trade Minister Liz Truss expressed the UK`s intention to join the CPTPP. [68] On October 17, 2018, the Australian Federal Parliament passed legislation that was closed by the Senate. [26] [27] [28] Official ratification was filed on October 31, 2018. [5] This two-week gap made Australia the sixth signatory to submit ratification, and came into force 60 days later. With regard to CPTPP, the NIA was published on 21 February 2018 to help Parliament balance the costs and benefits of New Zealand`s signing of CPTPP and, on 9 March 2018, it was updated with more details on the alternative letters signed with the agreement. The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11,[3][3][5][5] is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

It was born out of the Trans-Pacific Partnership (TPP), which never came into force because of the withdrawal of the United States. At the time of its signing, the 11 economies of national economies accounted for 13.4% of the world`s Gross Domestic Product (approximately $13.5 trillion), making the CPTP the third largest free trade area after GDP after the US-Mexico agreement, the European Single Market[6] and possibly after the Comprehensive Regional Economic Partnership signed in 2020. The specific benefits of the agreement vary from country to country. In Canada, access to the goods market has expanded considerably. Canadian pork, beef, wheat, fish, wood and many industrial products are expected to be profitable to Japanese, Vietnamese and Malaysian buyers. Australia has also benefited from tariff reductions on beef in Japan, access to its dairy products in Japan and Canada, and mining reforms in Mexico. Japan, on the other hand, will liberalize access to some of its traditionally protected industries in the short term and has, in practice, taken control of trade in the Asia-Pacific region. Please visit the Department of Foreign Affairs and Trade website for full information on the CPTPP. On June 28, 2018, Mexico was the first country to end its internal ratification process of the CPTPP, with President Enrique Pea Nieto declaring: „With this next-generation agreement, Mexico is diversifying its economic relations with the world and demonstrating its commitment to openness and free trade.“ [20] [21] A1: The CPTPP is a free trade agreement between 11 countries in the Asia-Pacific region: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.