The Ministry of Foreign Affairs announced on Thursday (22.12.2022) that it has formalized its entry into the shipment for deposit in New Zealand, as depositary country, of the instrument of ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which notifies the conclusion of the internal legal procedures, so that the agreement enters into force during February 2023.
In addition, the Government of Chile announced that it is preparing to implement the treaty once it enters into force, based on the “Protocol of Understanding for the Approval of the CPTPP”, signed on Tuesday, August 6, 2019, with the approval of the Senate Foreign Relations Committee.
"Chile emphasizes that it will continue to work together with its trading partners within the CPTPP forum and other multilateral spaces to improve the standards that regulate mechanisms for resolving disputes between investors and States, with the aim of providing greater degrees of legal certainty to our trade relations," the official statement said.
"Regarding the side letters, agreements have been reached with New Zealand, Malaysia and Mexico. A declaration was also signed with Canada in which it was agreed to work on the revision of the investment chapter, in particular the investor-state arbitration mechanism, both in the CPTPP and in the bilateral FTA. Similarly, work is being done with Australia to obtain a declaration of the same nature," he added.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11, includes Asia-Pacific countries such as Australia, Brunei, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, and its objectives include promoting economic integration, establishing predictable legal frameworks for trade, facilitating regional trade, promoting sustainable growth, among others. It should be noted that Chile is the only country that has a bilateral free trade agreement in force with each of the other parties.
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