This week I will travel to Singapore to attend the sixth meeting of the Commission of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This will be the first in-person CPTPP Ministerial meeting since 2019.
The CPTPP is one of the most comprehensive trade deals ever concluded, delivering opportunities for Australian exporters, investors and firms engaged in international business. The Agreement has eliminated 98 per cent of tariffs across a membership of a combined GDP of $14.2 trillion.
The regional nature of the CPTPP means Australian business, exporters and consumers all benefit from a common set of rules and more opportunities to reach new markets.
The CPTPP is already in force for Australia, alongside Canada, Japan, Mexico, New Zealand, Singapore, Peru, and Vietnam.
I am delighted that Malaysia has recently notified its ratification of the Agreement and I look forward to Brunei Darussalam and Chile soon ratifying the Agreement to maximise the benefits for all parties.
During my visit, I look forward to deepening Australia’s trade partnerships and discussing how to increase our cooperation and address our shared challenges.
Australia strongly supports ASEAN’s proactive stance towards open trade and regional economic integration.