Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Facts for Prelims
 

Comprehensive and Progressive Agreement for Trans-Pacific Partnership
 

News: Recently, the U.K. Signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
 

Background:
 PM Rishi Sunak cited the agreement's success as an example of 'post-Brexit freedoms'. The agreement will now need to be ratified by Westminster and each of the CPTPP countries.
 

About CPTPP:
 The CPTPP is a Free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
 The CPTPP was signed by the 11 countries on 8 March 2018 in Santiago, Chile.
 CPTPP removes 99% of tariffs on goods and services, just like the original TPP did, all the member countries have agreed to cut down on wildlife trafficking. That helps elephants, rhinoceroses, and marine species the most.
 It prevents environmental abuses, such as unsustainable logging and fishing. Countries that don't comply will face trade penalties.
 All 11 countries of CPTPP are members of Asia Pacific Economic Cooperation (APEC)