C.P.T.P.P. - Free Trade Agreement now in effect
Jan 10 2019

C.P.T.P.P. - Free Trade Agreement now in effect

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, (CPTPP), is a free-trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. At the time of its signing, the combined economies of these eleven countries represented 13.4 percent of the global gross domestic product, approximately US$13.5 trillion, making the CPTPP the third largest free trade area in the world by GDP after the North American Free Trade Agreement and European Single Market.

Countries that have ratified the agreement and can take immediate benefit are Australia, Canada, Mexico, New Zealand, Japan and Singapore. The agreement with Vietnam will become effective on January 14 of this year. Agreements with Brunei, Chile, Malaysia and Peru are in progress.

To qualify, goods must be shipped directly between participating countries. Trans-shipment will only be acceptable if the goods remained in bond while in transit.

Goods qualifying under this agreement will require a statement from the exporter that is to be signed and dated by them to read as follows:

‘I hereby certify that the goods described in this document qualify as originating and the information contained in this document is true and accurate. I assume responsibility for proving such representation and agree to maintain and present upon request or to make available during a verification visit, documentation necessary to support verification.’

For further information please contact Rodair Customs Brokers at customs@rodair.com