The Comprehensive and Progressive Agreement for Trans-Pacific Partnership
The CPTPP is a high-profile regional trade bloc, comprising 11 Parties from geographically distinct regions. The CPTPP market accounts for more than 12% of global GDP, covering 510 million people, at a per capita income of over US$27,000.
Trade Impacts of the CPTPP
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Trade in Goods
The CPTPP will eliminate duties on 95% of goods traded among CPTPP Parties. Duties on sensitive products will be reduced over a period of 5 to 10 years for most Member States. Trade facilitation measures such as advanced rulings and time guarantees for express shipment will improve the flow of goods across borders and reduce the cost of trade.
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Trade in Services
The CPTPP improves market access for a broad range of services sectors and equally allows firms to participate in public procurement in certain select sectors. Overall, the Agreement aims to improve predictability and transparency for service suppliers, and it eliminates frequently encountered hurdles rendering it easier to trade with CPTPP member countries.
Trade in Services
The CPTPP improves market access for a broad range of services sectors and equally allows firms to participate in public procurement in certain select sectors. Overall, the Agreement aims to improve predictability and transparency for service suppliers, and it eliminates frequently encountered hurdles rendering it easier to trade with CPTPP member countries.
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Investment
The CPTPP provides assurances on the level of protection for investors and investments, with provisions promoting minimum standard of treatment, fair compensation in case of expropriation, free transfer of investment money or profits, no performance requirements, and no personnel appointment requirements.
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Digital Trade
The CPTPP promotes the elimination of customs duties on a range of ICT products. The Agreement also enables the free flow of data across borders and bans data localisation which are crucial considerations for digital goods and services providers. Hence, overall, the CPTPP allows businesses to expand into new markets and diversify their customer base.
The CPTPP includes important provisions pertaining to e-commerce and digital trade:
Elimination of customs duties
CPTPP Parties have committed to not imposing customs duties on electronically delivered content.
National Treatment of Digital Products
CPTPP Member States have agreed to accord national treatment to digital products, thereby ensuring fair and equal treatment in CPTPP markets.
Paperless Trade
The CPTPP recognises electronic signatures and encourages the availability and submission of trade documentation online, reducing delays and the cost of trade.
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Value Chains
Through regional cumulation, the CPTPP promotes the vertical development of supply chains. Exporters can utilise material, labour, and components from the different CPTPP Member States and qualify for preferential access to the CPTPP markets. This will allow Member States to deepen participation in the regional value chains within CPTPP areas and improve their global production networks.
Environmental, social, and governance (ESG)
Given changing consumer preferences and growing awareness surrounding sustainability, there is an opportunity for businesses to increase their footprint in this area. Many firms are responding to these trends and are increasingly working with factories and suppliers to demonstrate their commitments to sustainable standards, and principles.
