The Comprehensive and Progressive Agreement for Trans-Pacific Partnership may take effect by the end of 2018, according to Japan's minister in charge of negotiations, reports The Japan Times. Japan, Mexico, Singapore, and New Zealand ratified the pact, while Canada and Australia are in the final stages. Vietnam is expected to ratify by the middle of November. The remaining member countries are Brunei, Chile, Malaysia, and Peru.
Some CPTPP members hoped the first six nations would meet a Nov. 1 target deadline, which would allow the deal to enter into force by Dec. 31. Subsequent annual tariff cuts for 10 of the 11 nations can only occur every Jan. 1, so if the deal kicks in on Dec. 31, the second round of tariff reductions for most countries can come the next day. Otherwise, they will have to wait a year, according to the report. Full Story
Related: Canada to Sign Revised TPP; TPP Countries Proceed Without the US.
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