Roughly 13 percent of the world’s economy is getting closer to sign an 11-nation trade pact, and has a new name.
The Trans-Pacific Partnership is now called the Comprehensive and Progress Agreement for the Trans-Pacific Partnership (CPTPP) and was signed in Chile on Thursday.
The U.S. was the 12th nation in the trade pact with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. After inauguration, one of the first acts of Donald Trump’s presidency was to withdraw the U.S. from the pact.
If the U.S. remained in one of the globe’s three largest trade agreements, the TPP would have covered roughly 40 percent of the world’s economy.
“Progressive trade is the way forward, that fair trade, balanced and principled trade is the way forward and that putting citizens first is the way forward for the world when it comes to trade,” said Francois-Philippe Champagne, the Canadian Minister of Commerce.
The CPTPP still needs approval from each country’s legislature before it’s fully ratified.