Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

Context:

The United Kingdom formally signed a treaty to join a major Indo-Pacific bloc —‘Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)’

About CPTPP:

• The CPTPP requires countries to eliminate or significantly reduce tariffs and make strong commitments to opening services and investment markets.
• Members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Vietnam.
• It laid down rules addressing competition, intellectual property rights and protections for foreign companies. 
• Geopolitical Significance: CPTPP is seen as a bulwark against China’s dominance in the region.
• Benefit: CPTTP will cut tariffs for UK exports to Asia Pacific countries.

News Source: The Indian Express