Chile sends ratification note for its entry into the CPTPP trans-pacific agreement

In the last step of Chile To join the trans-Pacific free trade agreement, the South American country’s foreign ministry sent a diplomatic note to New Zealand on Thursday informing that the pact was ratified by the National Congress.

“The Ministry of Foreign Affairs informs that today it sent for deposit in New Zealand, in its capacity as depositary country, the instrument of ratification of the CPTPPwhich notifies the conclusion of the internal legal procedures, so that the agreement enters into force during February 2023,” says a statement from the Chilean Foreign Ministry.

The Chilean Government sent the notification on Friday morning in New Zealand, the depositary country of the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP, for its acronym in English). From that moment the 60-day period began to run for the agreement to enter into force in Chile.

In that period, the New Zealand government must inform all the countries signing the agreement of Chile’s decision.

The CPTPP is made up of 11 Asia Pacific countries: Australia, Brunei, Canada, Mexico, Japan, Malaysia, New Zealand, Chile, Peru, Singapore and Vietnam.

In the same way, in these two months the Chilean government must conclude the work to prepare the implementation of the treaty.

It’s about the eldest free trade pact of the region, which represents about 13.5% of the world economy.

The treaty took four years to be approved in Chile, a period in which the then deputy Gabriel Boric, current president of the country, opposed the signing of that pact.

In fact, the treaty achieved the green light from the Senate on October 11, in its last parliamentary process, despite the rejection of the ruling leftist bloc made up of the Communist Party and the Broad Front.

After ratification in the Upper House, the president Boric he wanted to postpone ratification pending bilateral negotiations with the pact countries.

However, it has only reached agreements with three of them (New Zealand, Malaysia and Mexico) and progress with another two (Canada and Australia), so the Chilean government decided to give way to the last step by sending the diplomatic note.

Chile It is one of the countries with the largest number of trade agreements in the world after signing 32 bilateral agreements with 65 economies, including the United States, Japan and China, which together represent 88% of world GDP, according to the Undersecretary of Relations International.

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