Brunei, a wealthy sultanate in Southeast Asia, became the last country of the 11 signatories to ratify the Progressive and Comprehensive Agreement for Trans-Pacific Partnership (CPTPP), a free trade network established in 2018 with a combined GDP of about US$13.5 trillion.
The Ministry of Finance and Economy, headed by Sultan Hassanal Bolkiah -who holds multiple positions- announced on Sunday in a brief press release the ratification -on Saturday- of the treaty, which will enter into force after 60 days.
“He CPTPP It will provide business opportunities to new markets such as Canada and Latin American countries such as Chile, Peru and Mexico. In addition, the deal will also enhance Brunei’s attractiveness as a foreign direct investment destination.”, pointed out the ministry.
In force since December 2018, the agreement aims to eliminate or reduce tariff barriers between the 11 member countries, which cover a market of almost 600 million people and whose economies represent around 13% of world GDP.
In addition to the small Asian nation, which has large gas and oil reserves, the treaty is made up of Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam; while the United Kingdom aims to join the group in July of this year.
The CPTPP, signed on May 8, 2018 in Santiago de Chile, replaced the original TPP -which never entered into force- after the withdrawal of the United States in 2017 under the presidency of Donald Trump.
Source: EFE
Source: Gestion
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