Tags: AS | New Zealand | Trade

Pacific Rim Trade Pact Goes Ahead after Australia Ratifies

Wednesday, 31 October 2018 01:38 AM

WELLINGTON, New Zealand (AP) — The Pacific rim trade pact abandoned by President Donald Trump will take effect at the year's end after Australia became became the sixth nation to ratify it.

The New Zealand government said Wednesday that Australia had notified it that it had completed procedures needed for the trade arrangement, the Comprehensive and Progressive Trans-Pacific Partnership. It will take effect Dec. 30.

The 11 nations remaining after the U.S. withdrawal in early 2017 amended the pact to enable it to take effect even without its participation.

The loss of the U.S. was a huge blow, however other countries are said to be interested in joining the trade deal, which is seen as a first step toward a pan-Pacific free trade zone.

Japan, Canada, Mexico and Singapore also have ratified it.

This report has been corrected to say Australia was the sixth country to ratify the CPTPP.

© Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


   
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The Pacific rim trade pact abandoned by President Donald Trump will take effect at the year's end after Australia became became the sixth nation to ratify it.The New Zealand government said Wednesday that Australia had notified it that it had completed procedures needed for...
AS,New Zealand,Trade
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2018-38-31
Wednesday, 31 October 2018 01:38 AM
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