What is the CPTPP?
The CPTPP is a new trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once the CPTPP enters into force, it will be one of the largest free trade agreements in the world and will provide enhanced market access to key Asian markets. The CPTPP evolved from the Trans-Pacific Partnership (TPP) after the United States pulled out of the TPP in January 2017.
When does the CPTPP come into force?
The CPTPP will come into force in phases as each party country ratifies the agreement. On December 30th, 2018 the CPTPP will come into force in Australia, Canada, Japan, Mexico, New Zealand and Singapore. On January 14th, 2019 it will come into force in Vietnam as well.
How will this impact importers?
The CPTPP will allow importers to import qualifying product duty free from the member countries. Transshipment within member countries will not impact the qualifying status of the goods being imported. This agreement will encourage free trade between Canada and the other parties to CPTPP.
How can you take advantage of the CPTPP?
In order to reap the benefits of the CPTPP, an importer must have a valid certification of origin, and the imported goods must meet the rules of origin. A certification of origin may be valid for one shipment or for a period of up to 12 months.
Who can complete a certification of origin?
A certification of origin may be completed by the importer, the exporter, or the producer of the goods being imported. There is no set template for this agreement, however, it must contain all data elements outlined in Annex 3-B of Chapter three of the agreement.
For further information on the CPTPP or for details on how you can take advantage of the benefits of this free trade agreement, please reach out to us for more information!