Chile sends instrument of ratification of TPP-11 to New Zealand

Santiago de Chile, December 22 (EFE) The so-called TPP-11 announces the end of internal legal procedures for the agreement, which will enter into force in February 2023.

In addition, the Chilean executive announced that it is preparing to implement the agreement once it enters into force, based on the “Memorandum of Understanding for the Ratification of the CPTPP,” which was signed with approval on Tuesday, August 6, 2019. of the Senate Foreign Relations Committee.

“Chile will continue to work with its trading partners within the CPTPP forum and other multilateral venues to improve the standards governing investor-state dispute settlement mechanisms to provide greater certainty in our business relations,” the Foreign Ministry explained in a public statement.

“Regarding side letters, agreements have been reached with New Zealand, Malaysia and Mexico. Likewise, a declaration has been signed with Canada, which includes the revision of the investment chapter, particularly the investor arbitration mechanism – status, both on the CPTPP and the bilateral FTA. Similarly, work is underway to obtain a declaration of the same duration with Australia. ” he added.

The agreement, in force since December 2018, aims to eliminate or reduce tariff barriers in 11 member countries (Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam) and covers almost all markets. 500 million people, which is 13% of world GDP.

The deal replaces the original TPP that the US was in until former President Donald Trump announced his withdrawal after taking office in 2017. EFE

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