The Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) is a landmark trade agreement that has been in force since December 30, 2018. The CPTPP is a comprehensive trade agreement that covers a wide range of issues, including tariff reductions, intellectual property protection, labor standards, and environmental sustainability.
The CPTPP was originally conceived as the Trans-Pacific Partnership (TPP), a massive trade agreement that would have included 12 countries representing approximately 40% of the global economy. However, when the United States withdrew from the TPP in 2017, the remaining 11 countries negotiated a new agreement, which became the CPTPP.
The CPTPP is a highly progressive agreement that includes strong labor and environmental standards. For example, the agreement requires signatory countries to respect the rights of workers to join unions and engage in collective bargaining. It also requires countries to enforce their own labor laws and to take measures to prevent forced labor and child labor.
In terms of the environment, the CPTPP includes provisions to protect endangered species and to promote sustainable fisheries. It also requires signatory countries to adopt measures to address climate change, including the reduction of greenhouse gas emissions.
The CPTPP also includes a number of provisions related to intellectual property protection. For example, it requires countries to provide adequate protection for patents, trademarks, and copyrights. It also includes provisions related to data protection and e-commerce.
Perhaps the most significant aspect of the CPTPP is its tariff reduction provisions. The agreement eliminates tariffs on 95% of goods traded between signatory countries. This will provide a significant boost to trade and economic growth in the region.
Overall, the CPTPP is a comprehensive and progressive trade agreement that will help to promote economic growth and sustainability in the Asia-Pacific region. As more countries consider joining the agreement, it is likely to become an even more important force in global trade.