Asia-Pacific trade deal signed by 11 nations
05:16 Fri Mar 09, 2018
Taken from/By: BBC
Report by: BBC
Eleven Asia-Pacific countries have just signed the trade pact formerly known as the Trans-Pacific Partnership.
Although the US pulled out last year, the deal was salvaged by the remaining members, who signed it at a ceremony in the Chilean city of Santiago.
Chilean foreign minister Heraldo Munoz said the agreement was a strong signal “against protectionist pressures, in favour of a world open to trade”.
The deal covers a market of nearly 500 million people, despite the US pullout.
In the absence of the US, it has been renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Extraneous adjectives aside, its supporters say it’s hugely significant, and could be a model for future trade deals.
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