The Trans-Pacific Partnership (TPP) was a trade agreement between 12 countries, including the United States, Canada, Japan, and Australia. However, in 2017, President Donald Trump withdrew the United States from the agreement, effectively bringing it to an end. But that wasn`t the end of the story.

The remaining 11 countries went ahead and formed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as the TPP-11. The CPTPP includes the same commitments as the original TPP, but with some provisions suspended or modified to account for the absence of the US. It went into effect on December 30, 2018.

So, what is the CPTPP, and what does it mean for the countries involved?

The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It covers a wide range of goods and services and aims to eliminate tariffs and other trade barriers between the member countries. In addition to lowering trade barriers, the agreement includes commitments on labor rights, environmental protection, and intellectual property rights.

For businesses, the CPTPP could mean greater access to markets in the member countries. For example, the agreement eliminates tariffs on a variety of goods, from beef to wine to auto parts, making it easier for businesses to sell their products across borders. The agreement also includes provisions on e-commerce, making it easier for businesses to conduct online sales across borders.

For consumers, the CPTPP could mean more choices and lower prices for goods such as clothing, electronics, and food. By eliminating tariffs, the agreement should make it cheaper for businesses to import these goods, and those savings could be passed on to consumers.

However, the CPTPP is not without its critics. Some groups have raised concerns about the impact of the agreement on labor rights, the environment, and access to medicines. Critics argue that the agreement could lead to job losses in certain industries, and that it may not be in the best interests of small businesses. There are also concerns about the potential for investor-state dispute settlement (ISDS) provisions to limit the ability of member countries to regulate in the public interest.

Despite these concerns, the CPTPP represents a significant step forward in international trade. By forging closer economic ties between the member countries, the agreement could help to promote economic growth and development in the Asia-Pacific region. As businesses and consumers begin to see the benefits of the agreement, it could also set a precedent for future trade agreements and collaborations between countries.