Peru and 10 other countries signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago on Thursday.
Deemed as the
most ambitious free-trade agreement, CPTPP involves 11 countries from the Asia-Pacific region:
Australia, Brunei, Canada, Chile,
Japan, Mexico, Malaysia, New Zealand, Peru, Singapore, and
Viet Nam.
In this sense, Ministers from these 11 nations met in Chile to sign this
revamped agreement.
This measure gives a strong signal in favor of free trade and creates a market of 498 million consumers, which account for nearly 15% of world's trade.
It must be noted Foreign Trade Ministers of TPP signatory countries had agreed to assess the options to reach a new agreement following the United States' withdrawal in 2017.
(END) JAA/MVB