The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) may take effect early next year. The 11 member free trade pact in which Japan has a leading role was earlier known as the Trans-Pacific Partnership.

The accord will come into force 60 days after at least six countries have worked on their domestic procedures. So far, Japan, Mexico and Singapore have completed the process, with Australia, Canada and New Zealand seeking to do so by the end of the year. Brunei, Chile, Malaysia, Peru and Vietnam are also part of the pact.

After the US pulled out of the TPP in January 2017, the remaining eleven members signed the revised TPP in March this year. The UK, Colombia, Indonesia, South Korea, Taiwan, Thailand and South Korea are believed to be interested in joining the CPTPP. This agreement will focus on goods and will be different from a free trade agreement that is more comprehensive.

TPP was previously negotiated by the US with Japan, Canada, Mexico, Australia and seven other Pacific countries. It was touted at the time as an alternative framework to the World Trade Organization amid criticisms that the current trade enforcement regime was outdated and failed to address issues related to services, intellectual property and the digital economy properly.