The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP) was officially inked at a ceremony chaired by Chilean President Micelle Bachelet in Santiago de Chile on March 8.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP) was officially inked in
Trade ministers of 11 countries participating in the trade pact, namely
The ambitious deal came after the
The official signing of the pact will facilitate the promotion of economic growth and job generation, poverty reduction, and improvement of people’s living conditions. With its commitment to market opening, CP TPP delivers a strong message against protectionism, while proving that an opening economy will benefit member nations, according to experts.
The pact will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of around 10,100 billion USD, accounting for 13.5 percent of the global GDP.
Chilean President Michelle Bachelet declared that the signing of the CP TPP is a commitment of global integration and a strong signal against protectionism pressure.
Speaking at the signing ceremony, she expressed her delight over the birth of the free trade agreement which is billed as an ambitious and strategic multi-lateral cooperation deal in the context of globalisation.
She spoke highly the role of
At a press conference held after the signing ceremony, Chilean Foreign Minister Heraldo Munoz affirmed that the parties in the CP TPP hoped the pact will bring economic growth to every nation.
Meanwhile, Japanese Minister of State for Economic and Fiscal Policy Toshimitsu Motegi noted that despite formidable challenges, CP TPP is a historic achievement that creates principles on trade freedom and fairness in the 21st century in Asia-Pacific.
Member countries would still welcome the
VNA