Comprehensive And Progressive Agreement For Trans-Pacific Partnership (CPTPP):
Britain agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
- CPTPP is a free trade agreement (FTA) that was agreed upon in 2018 between 11 countries.
- These include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
- It does not have a single market for goods or services, unlike the European Union.
- The CPTPP incorporates, by reference, the provisions of the Trans-Pacific Partnership (TPP) agreement, with the exception of a number of provisions pertaining mainly to intellectual property and investor-state dispute settlement, whose application will be suspended once the CPTPP comes into force.
Trans-Pacific Partnership (TPP) agreement :
- It was originally concluded by 12 countries.
- These include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
- It was signed in 2016, by all 12 parties.
- In January 2017, the United States notified TPP signatories of its intention to not ratify the TPP, effectively withdrawing from the TPP.