New Zealand approves TPP-11
New Zealand's Parliament building, the Beehive, in Wellington Â© AP
SYDNEY -- New Zealand's parliament passed legislation Wednesday to ratify the reworked Trans-Pacific Partnership, a $10 trillion free trade pact among 11 nations.
It will complete the process as early as the end of October, pending approval from the governor general, representative of Queen Elizabeth II, New Zealand's head of state. The move is a step forward for the so-called TPP-11 to take effect in January 2019.
The TPP-11 will come into force 60 days after at least six legislatures of member states ratify the agreement. Mexico, Japan, Singapore completed the procedures, followed by the approval of Australia's Senate last week. Vietnam is expected to ratify the TPP-11 in the upcoming session that ends in November. Canada is also on track to complete the ratification process, resulting in approval by the minimum six countries by the middle of next month.
The agreement covers 15% of global trade. Member countries, which also include Chile, Malaysia, Brunei and Peru, resurrected the deal in March after President Donald Trump abruptly withdrew the U.S. from the agreement in 2017.
Nikkei staff writer Eri Sugiura in Tokyo contributed to this report.
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