The government will sign TPP11 later this week and deposit it in New Zealand by the middle of next week.

On October 11, the Senate passed a draft agreement authorizing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, known as TPP 11.

Although the government said it expected there to be five to six signed side letters, the reality is that only three countries did, New Zealand, Mexico and Peru. Despite this setback, the Executive is ready to sign and deposit TPP11.

According to different administration sources, the government will deposit the TPP11 in New Zealand by the middle of next week. It is expected to be signed and gazetted, which could happen this week.

Foreign Minister Antonia Urrejola clarified that she will send a formal note to the TPP11 secretariat in New Zealand next week. “We will make the deposit next week. I will send a formal note to the New Zealand Secretariat indicating that TPP11 has been approved by Congress. Then there are 2 months before it enters into force, and for this reason we are working with various ministries to implement the agreement,” he told Menteras Verdaderas.

In this way, this focus which the government had opened is closed. Despite this, the process of making changes to the dispute settlement system would not stop, and the Secretary of State himself expected more countries to sign side letters.

New Zealand is the country responsible for receiving notifications and ensuring proper implementation of all measures agreed to in the trade agreement. The deposit of international treaties is a general rule of international law that aims to provide greater transparency to treaties and facilitate their implementation.

TPP11 is an agreement between Australia, Brunei Darussalam, Canada, Mexico, Japan, Malaysia, New Zealand, Chile, Peru, Singapore and Vietnam, and letters exchanged in its context, all signed in Santiago, Chile on March 8. 2018, making up a market of about 500 million people, accounting for 13% of global GDP (US$11.023 billion in 2018).

According to a document by the Undersecretary for International Economic Relations, it will create a free trade zone in the Asia Pacific region and improve access for approximately 3,000 Chilean products to important markets such as Japan, Canada, Malaysia and Vietnam. Supre) in 2019.

Among the planned benefits, 3,100 products from the agriculture, forestry, fisheries and dairy sectors are estimated to have 0% tariff rates, some products such as pisco in Malaysia will take up to 16 years to achieve. Others, such as alpaca wool fabrics in Japan or salmon fillets in Vietnam, will fully benefit from the agreement’s entry into force.