(VOVWORLD) - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was approved by the Australian House of Representatives on Monday and now will be sent to the Senate for approval.
Steve Ciobo, Minister for Trade, Tourism and Investment, said Australia hopes the agreement will attract more members and that all members will start benefiting from it immediately. The CPTTP is expected to give Australian exporters easier access to a market of 500 million consumers and increase Australia’s gross national income 11 billion USD by 2030.
The CPTTP is a trade deal between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement has been ratified by Mexico, Singapore, and Japan.