How does the CPTTP work?
The CPTPP is a trade agreement designed to allow substantial market access for participating countries and eliminate more than 98% of tariffs across the free trade area. It doesn’t replace individual FTAs between countries but rather extends on them.
The 11 participating countries have agreed other countries may join if they are able to meet the standards of the CPTPP. This leaves open the possibility that current non-participating countries such as the United Kingdom and the United States may join in future.
As it stands, the CPTPP delivers major new opportunities for Australian exporters, investors and firms engaged in business with Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.