Chilean lawmakers approve Trans-Pacific Partnership
Reuters
Published Oct 12, 2022 10:43
SANTIAGO (Reuters) - Chile's congress voted to approve the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal on Tuesday after four years of legislative debate.
Twenty-seven senators voted for the world's largest copper producer to join the 11-country trade deal while 10 voted against and one senator abstained.
The government had said the CPTPP was not part of its program and it would not promote or hinder its passage. The trade deal had become a source of political debate, and protesters against the CPTPP gathered outside the Senate building on Tuesday to oppose the deal.
As of Tuesday, the agreement can be enacted by President Gabriel Boric, but it will be delayed because the president sent a series of side letters to 10 member countries that could extend the process.
A spokesperson for the Foreign Ministry's Undersecretary for International Economic Relations told Reuters the side letters aim "to modify elements of the chapter referring to investor-State dispute resolution mechanisms, a subject of criticism and international debate."
The president's press office said the government's line is to move forward with the side letters.
The CPTPP is comprised of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The United States formally withdrew in 2017 under President Donald Trump.
The agreement withdraws 95% of the tariffs among its members and, according to the Chilean Foreign Ministry website, is one of the most relevant economic integration schemes in Asia Pacific, covering 498 million people who represent 12% of the global economy.
(Report by Natalia Ramos; Writing by Alexander Villegas; Editing by Leslie Adler)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.