SYDNEY (Reuters) – A landmark 11-country trade deal, a revamped version of the Trans-Pacific Partnership (TPP), came into force on Sunday with New Zealand’s trade minister hailing the opportunities it presented for exporters.
The deal, which will slash tariffs across much of the Asia-Pacific region, does not include the United States after Washington pulled out of the TPP negotiations in 2017.
Comprehensive - Progressive - Agreement - Trans-Pacific - Partnership
“The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) provides New Zealand with trade agreements for the first time with three significant economies: Japan, Canada and Mexico,” Trade Minister David Parker said in a statement.
“The CPTPP has the potential to deliver an estimated NZ$222 million ($149.01 million) of tariff savings to New Zealand exporters annually once it is fully in force.”
Pact - Effect - Sunday - Australia - New
The pact came into effect on Sunday for Australia, New Zealand, Canada, Japan, Mexico and Singapore, with Vietnam to follow on 14 January, Australia’s Department of Foreign Affairs and Trade said on its website.
Brunei, Chile, Malaysia and Peru will begin 60 days after they complete their ratification process.
Investment - Bank - HSBC - Press - Release
Investment bank HSBC said in a press release that 90 percent of tariffs...
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