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BANDAR SERI BEGAWAN – Brunei has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), five years after signing the wide-ranging trade deal, which covers a free trade area valued at US$13.5 trillion.
The Ministry of Finance and Economy released a statement Sunday saying the government had deposited its intent to ratify the treaty on May 13.
“The CPTPP will provide trading opportunities to new markets like Canada and Latin American countries such as Chile, Peru and Mexico. Furthermore, the agreement will also enhance Brunei Darussalam’s attractiveness as a destination for foreign direct investments,” the ministry said.
“With its high tariff-rate liberalisation and modern trade rules, the CPTPP ensures trade between members continue to be open, mutually-beneficial and facilitative.”
For Brunei, the agreement will come into force 60 days after the notification was sent to New Zealand, the Depository of CPTPP.
Signed in Santiago, Chile on March 8, 2018, the CPTPP is an 11-country trading bloc comprising Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The treaty will provide market access to a population of 600 million, representing 13.4% of global GDP, making it one of the largest free trade pacts in the world.
Brunei is the final country to ratify the agreement, although members of the bloc have agreed to admit the UK in the near future.