"We're very proud... to show the world that progressive trade is the way forward," said Canadian Trade Minister Francois-Philippe Champagne as officials gathered for the signing ceremony.Felipe Lopeandia, Chile's top trade negotiator, said the deal will "send a political signal to the world and to the United States itself, that this is a global agreement. "It is one which remains hugely significant, said Ignacio Bartesaghi of the Catholic University of Uruguay's business school. "There is no trade agreement involving that number of countries, and one that has 30 chapters which deal with all the most modern topics of international trade," Bartesaghi told AFP.Most provisions of the original agreement remain, except those related to intellectual property originally inserted at the demand of US negotiators. "The CPTPP will establish a new standard for other regional economic integration agreements, and even for future negotiations in the WTO (World Trade Organization) and in APEC (Asia-Pacific Economic Cooperation)," said Chile's foreign ministry.Chile said membership of the new pact will improve access to markets currently responsible for 17 percent of its total exports.Mexico and Peru will also get better entry to countries on the other side of the Pacific. "It means an increase in our potential market and the possibility that our people can access more products," said Mario Mongilardi, head of Lima's chamber of commerce.The pact will come into force 60 days after it is fully ratified by six of the 11 members.

Source: Egypt Today March 08, 2018 19:18 UTC