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Revamped TPP Set to Start This Year With Australia Racing to Ratify

  • Canada near CPTPP ratification, Australia minister confident
  • Getting deal done by Nov. 1 would enable early tariff cuts
Shipping containers at Port Botany in Sydney, Australia.
Shipping containers at Port Botany in Sydney, Australia.Photographer: Ian Waldie/Bloomberg News

Australia is on track to ratify a new Pacific trade deal by Nov. 1, the country’s trade minister said, a move that would trigger the first tariff cuts this year in an 11-nation accord that survived an exit by President Donald Trump.

The Japan-led Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, will take provisional effect 60 days after six countries ratify it. Four have so far and Canada is set to on Monday. Should Australia do so by Nov. 1, the initial six signatories will enjoy two rounds of tariffs cuts by April 1.