Chile ready for CPTPP signing ceremony hinh anh 1Chilean President Michelle Bachelet (Source: VNA)

Santiago (VNA) - The government of Chile has announced that the country’s President Michelle Bachelet and Foreign Minister Heraldo Munos will chair the signing ceremony of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on March 8 (local time).

Trade ministers of other countries negotiating the trade pact, namely Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, will attend the event.

CPTPP was launched a year ago after the US withdrew from the Trans-Pacific Partnership (TPP) agreement. It sets high criteria in numerous fields, including labour, the environment, intellectual property, digital economy and cyber security.

Twenty-two provisions of the CPTPP, including sensitive ones related to intellectual property, were suspended or changed in comparison to the TPP.

The pact is expected to facilitate for the promotion of economic growth and job generation, poverty reduction, and improvement of people’s living conditions.

It will be a strong message against protectionism, while proving that an opening economy will benefit member nations, according to experts.

The pact, once signed, will create one of the world’s largest free trade blocs with a combined market of 463 million people and GDP of around 10,000 billion USD, accounting for 13 percent of the global GDP.

It will bring about important commitments involved in non-tariff barriers, services, investment and other fields.

The pact will come into force 60 days after it is fully ratified by six of the 11 members. -VNA