The Comprehensive and Progressive Agreement for Trans-Pacific Partnership also known as (CPTPP Member) is a free trade agreement among 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom. As of July 12, 2023, all member countries have fully ratified and implemented the agreement, making the CPTPP 100% operational.
On July 12, 2023, the CPTPP officially came into force in Brunei Darussalam, marking the inclusion of the eleventh and final country to join the agreement.
The CPTPP seeks to promote trade and economic integration between its members through the reduction of tariffs and setting clear rules on services, investment, intellectual property, and digital trade. As a whole, the member countries account for roughly 13% of global GDP and 15% of global trade, representing a population of around 500 million people.
On May 13, 2023, the Government of Brunei Darussalam communicated to the Government of New Zealand, depositary, that it had finished all the formal legal steps necessary for the coming into force of the Treaty. The Depositary then declared that the CPTPP would take effect for Brunei on July 12, 2023, which falls 60 days after Brunei’s official notice of completing its legal proceedings.
As already noted, the implementation of the CPTPP was, by agreement, that made the agreement come into force for Brunei Darussalam, as published by the SE in the Department of Finance on July 12, 2023.
On the same day, there is an agreement regarding the alteration of the applied common tariff for general import of items originating in Mexico, Australia, Brunei, Canada, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, and Vietnam. This alters goods imported from the territories of Australia, Canada, Chile, Japan, Malaysia, New Zealand, Peru, and Singapore.
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