The new TPP will be called the Global and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) and includes Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam. These are the points that it contemplates:
- 1. Eliminates tariffs on industrial and agricultural products in a block whose trade totaled $356 billion in 2016.
- 2. It protects the environment and intellectual property from labour rights, although the latter matter was one of the most contentious points in the negotiations.
- 3. It establishes the incorporation by reference of all the original TPP content discussed in previous years, although it was agreed to suspend 20 rules associated with the intellectual property chapter in areas such as pharmaceuticals and Internet-linked copyright.
- 4. Consider the accession of new partners once the treaty enters into force, subject to the terms and conditions that may be agreed between the parties.
- 5. It will take effect 60 days after the date on which at least six or 50 percent of the number of signatories to the treaty have completed their legal procedures in their respective countries