The agreement will come into effect in February 2023

This Thursday night, December 22, the Ministry of External Affairs confirmed the Instrument of Confirmation Comprehensive and Progressive Agreement for Trans-Pacific Partnership or TPP-11. This fact declares that the internal legal proceedings have ended.

International Trade Agreement, which It was approved by the Senate on October 11It will come into force in February 2023.

The foreign ministry stressed that it would “continue to work with its trading partners within the TPP-11 forum and other multilateral fora”. It is “to improve standards governing investor-state dispute settlement mechanisms to provide a greater level of legal certainty to our business relations.”

In this sense, they mentioned ‘in relation toSide characters‘, “Agreements reached with New Zealand, Malaysia and Mexico.” Additionally, “a declaration was signed with Canada in which they agree to amend the investment chapter, particularly the investor-state arbitration mechanism, in TPP-11 and the bilateral FTA.”

“Likewise, they are working with Australia to get a declaration of the same lease term,” they said.

The ministry pointed out that domestically, “inter-ministerial work” is being carried out under the wing of the Inter-Ministerial Committee on International Economic Negotiations, led by the Ministry of External Affairs. Based on the ‘Memorandum of Understanding for the Ratification of the CPTPP’ signed on August 6, 2019 with the approval of the Senate Foreign Relations Committee, it “seeks to prepare for the implementation of the agreement once it enters into force.”.