The Comprehensive and Progressive Agreement for Trans-Pacific Partnership or TPP-11 enters into force on December 30, with final details and legislative amendments still yet to be published. Here is some brief information from the Department of Foreign Affairs and Trade (DFAT), as well as further information. Note that we will endeavor to keep our customers informed and today have received information on the rules of origin (ROO).
“The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The deal was signed by the 11 countries on 8 March 2018 in Santiago, Chile.
This Agreement is a separate treaty that incorporates, by reference, the provisions of the Trans-Pacific Partnership (TPP) Agreement (signed but not yet in force), with the exception of a limited set of provisions to be suspended. The 11 countries have a shared vision of the Agreement as a platform that is open to others to join if they are able to meet its high standards.
Importantly for Australia, the TPP-11 ensures that the substantial market access package secured in the original TPP is maintained (i.e. covering goods and services market openings and commitments on regulations on foreign investment). This market access package will be implemented among the TPP-11 Parties, delivering major new opportunities for Australian exporters, investors and firms engaged in international business. The outcome maintains the ambitious scope and high quality standards and rules of the original TPP.”
More information from DFAT can be found here https://dfat.gov.au/trade/agreements/not-yet-in-force/tpp-11/Pages/trans-pacific-partnership-agreement-tpp.aspx
To find out more about TPP-11, please contact our Customs Broker, Neil McLagan.