New Zealand becomes fourth country to ratify CPTPP

Trade ministers and delegates from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership hold a meeting on the sidelines of the APEC summit in Da Nang, Vietnam, on Nov. 9, 2017. Photo: Reuters

The country's parliament passed the deal on October 24, with support from all parties except the Greens. Earlier, Japan, Mexico and Singapore already ratified the deal in the beginning of this year.

Trade Minister David Parker highlighted the importance of the agreement in face of the rapid escalation of protectionist measures around the world, saying that businesses will be able to take advantage of improved trading conditions and lower tariffs.

Prior to the agreement, New Zealand did not have a trade agreement with Japan, Canada or Mexico.

Formerly known as the Trans-Pacific Partnership, the CPTPP was signed by 11 member states in March after the US withdrew from the original agreement early last year.

It will enter into force 60 days after any six signatory countries have ratified the agreement.

The Australian Parliament passed the deal earlier this month and is expected to ratify it before the end of the year, along with Canada and Vietnam.

The other member countries are Brunei, Chile, Malaysia and Peru.

Source: VNA