The New Zealand government announced on 25 October that it has formally ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

New Zealand parliament headquarters (Source:wikipedia.org)

The country's parliament passed the deal on 24 October, with support from all parties except the Greens. Earlier, Japan, Mexico and Singapore already ratified the deal in the beginning of this year.

Trade Minister David Parker highlighted the importance of the agreement in face of the rapid escalation of protectionist measures around the world, saying that businesses will be able to take advantage of improved trading conditions and lower tariffs.

Prior to the agreement, New Zealand did not have a trade agreement with Japan, Canada or Mexico.

Formerly known as the Trans-Pacific Partnership, the CPTPP was signed by 11 member states in March after the US withdrew from the original agreement early last year.

It will enter into force 60 days after any six signatory countries have ratified the agreement.

The Australian Parliament passed the deal earlier this month and is expected to ratify it before the end of the year, along with Canada and Viet Nam.

The other member countries are Brunei, Chile, Malaysia and Peru.

(Source: VNA)