Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to enter into force
Japan Inbound Tax & Legal Newsletter November 2018, No. 33
The following 11 countries (all of the countries that were part of the TPP except the US) have signed the CPTPP: Japan, Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. When in effect, the CPTPP will cover nearly 500 million people and about 13.3%of the global gross domestic product, and will eliminate 98% of the duties within the CPTPP region.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)* , a free trade agreement (FTA) that is based on the Trans-Pacific Partnership (TPP) agreement, will enter into force for certain countries on 30 December 2018.
Among the objectives of the CPTPP are to:
- Realize expeditiously the benefits of the TPP and their strategic and economic significance;
- Contribute to maintaining open markets, increasing world trade and creating new economic opportunities for people of all incomes and economic backgrounds;
- Promote further regional economic integration and cooperation between the parties; and
- Promote high standards on human rights, labor practices and the environment.
* Source of the URL: NEWZEALAND FOREIGN AFFAIRS & TRADE
This newsletter explains the following topics;
1. Highlights of the CPTPP relevant to Japan
2. Applying the CPTPP
3. Road to implementation
* This Article is based on the relevant Japanese or specific country’s tax law and other authorities in effect on the date of this Article. This Article would not be guaranteed updating if there are any changes in Japanese tax law, any other law, or interpretations by the courts or tax authorities thereof after the date of this Article.