(Elaine Kurtenbach – Associated Press)
The Pacific rim trade pact abandoned by President Donald Trump will take effect at the year’s end after Australia became the sixth nation to ratify it.
Australia announced Wednesday that it had completed procedures needed for the trade arrangement, the Comprehensive and Progressive Trans-Pacific Partnership, to progress. It will take effect Dec. 30.
The deal is aimed at streamlining trade and slashing tariffs to facilitate more business activities between member nations with a combined population of nearly 500 million people and GDP of $13.5 trillion.
“Our ratification means we are guaranteeing maximum benefits for our farmers and businesses,” Simon Birmingham, minister for Trade, Tourism and Development, said in a statement. He said the deal would bring annual benefits of up to $15.6 billion to the Australian economy by 2030. Click here to read more.
- Countering Global Protectionism, Pacific Trade Pact Nears Takeoff (Reuters)
- Pacific Rim Trade Deal to Kick in Dec. 30 Including Canada, Australia (CBC News)
- The CPTPP Trade Agreement Will Enter Into Force on December 30 (The Diplomat)