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.