The 11-member Trans-Pacific Partnership trade pact is preparing for its next stage of expansion. Japan and Mexico have ratified the pact. The Asia free trade bloc now needs four more member states to complete similar procedures to kick the process into next stage. TPP-11 takes effect 60 days after six of its 11 members ratify the pact.

Among the current members, Canada, New Zealand and Australia have taken steps toward ratification. Singapore and Chile aim to approve the deal by the end of year. The other members are Peru, Vietnam, Brunei and Malaysia. Thailand, Colombia, Indonesia and the UK have expressed interest in joining. Indonesia feels that not joining the pact risks harming the competitiveness of exports from southeast Asia’s largest economy. The US withdrew from the original TPP deal in January 2017.

TPP-11 is poised to create a free trade zone covering 13 per cent of the global gross domestic product and 15 per cent of global trade by value. GDP in the 10 members other than Japan is set to grow more than six per cent annually through 2023. Clear, unified rules on investment in the pact will greatly expand business opportunities in the economic bloc, which would trail only the US, China and the European Union in size.