print PRINT

ECONOMY > Trade

TPP’s remaining members ease path for trade deal

  • February 23, 2018
  • , Nikkei Asian Review , 02:42 a.m.
  • English Press
  • ,

TOKYO — The 11-member Trans-Pacific Partnership trade pact has looser provisions for full implementation than in the original version, according to the final text released Wednesday.

 

For the so-called TPP-11 to go into force, at least six countries, or half the signatories, whichever is fewer, would need to ratify the document. The deal takes effect 60 days after that point.

 

The original TPP, which included the U.S., required ratifications from six countries accounting for 85% or more of the combined gross domestic product of the 12 members. But after President Donald Trump withdrew the U.S. from the TPP last year, the remaining members canceled the GDP prerequisite. America accounted for more than 60% of the total economic output.

 

The 11 nations are to sign the pact in Santiago, Chile, on March 8. Officially renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the seven-article deal suspends 22 items that were incorporated in the previous version. Half of the frozen provisions involve intellectual property issues, such as copyrights and patents.

 

The TPP-11 also includes a clause calling for a review of the agreement “if the entry into force of the [original] TPP is imminent or if the TPP is unlikely to enter into force.”

  • Ambassador
  • Ukraine
  • OPINION POLLS
  • COVID-19
  • Trending Japan