Comprehensive and Progressive Agreement for Trans-Pacific Partnership
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade agreement involving 11 countries across the Asia-Pacific region. It aims to reduce tariffs, enhance trade, and promote economic integration among member nations, which include Japan, Canada, and Australia. The agreement was established to create a more balanced trade environment and foster economic growth.
The CPTPP emerged from the original Trans-Pacific Partnership (TPP) after the United States withdrew in 2017. The remaining countries revised the agreement, maintaining many of its provisions while suspending certain elements. This trade pact is significant for promoting cooperation and addressing trade challenges in the region.