Australia ratifies CPTPP

Australian Prime Minister Scott Morrison said Wednesday that Australia has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the 6th country to say yes to the agreement.

CPTPP was approved by the House of Representatives in September followed by the Senate, despite worries about unemployment and lawsuits against the government.

The CPTPP will take effect at the end of this year. It will cut 98% of tariffs on the 11 members' goods and is expected to boost trade within the bloc of half a billion population and 13.8 trillion AUD GDP.

Source: VOV5