Trans-Pacific Partnership will come into force December 2018

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When the terms of the Trans-Pacific Partnership (TPP) was agreed to in March 2018, the largest free-trade agreement in Asia would become effective upon ratification by six out of the 11 participating countries.

On Tuesday October 30th, Australia became the sixth country to ratify the pact meaning tariff cuts will take place as early as December, almost 2 years after President Trump withdrew the US from talks. Brunei, Chile, Malaysia, Peru and Vietnam have yet to ratify the deal.

It is estimated the new TPP trade deal will remove tariffs on an estimated 95% of goods traded among the 11 member countries and a combined GDP of $10 trillion.

If you have any questions how the new TPP deal may impact your business, feel free to contact experienced trade attorney David Hsu at any time, 832.896.6288 or by email at dhsu@givensjohnston.com.

11 countries reach agreement on TPP.

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According to a Prime Minister of Australia press release, 11 countries have agreed to sign the Trans-Pacific Partnership (TPP) in March of this year.

After the US withdrew from the TPP, the remaining 11 countries are: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The TPP is expected to eliminate more than 98% of tariffs in a trade zone with a combined GDP of $13.7 trillion, check back here for the text of the agreement once it is made public.

If you have any trade or customs law issues and want to speak to an experienced trade law attorney, contact David Hsu at 832-896-6288 or by email at dhsu@givensjohnston.com.