Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) and Japanese Minister of Economic Revitalisation Toshimitsu Motegi chair a press conference on the TPP on the sidelines of the APEC Economic Leaders' Week in Da Nang city in November 2017 (Photo: VNA)

Hanoi (VNA) – The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) scheduled to be inked by ministers of the 11 member countries in Chile on March 8.

The trade pact is set to take effect in the beginning of 2019 after it is ratified by at least six member countries.

The 11 CPTPP economies make up about 13 percent of the global GDP.

After the US withdrew from the Trans-Pacific Partnership (TPP), the predecessor of the CPTPP, in 2017, the remaining 11 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam) agreed to maintain the deal and rename it CPTPP.

They agreed on the revised content of the agreement on January 23, 2018.

On February 21, the full text of the CPTPP was announced, which is considered a sign showing that the 11 countries are ready to sign the agreement.

According to Reuters, more than 20 provisions of the CPTPP were suspended or changed compared to the TPP.

Earlier, US President Donald Trump said his country would consider re-entering the CPTPP if the US could get a better deal.-VNA