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Pacific rim trade pact goes ahead after New Zealand ratifies

Pacific rim trade pact to go ahead after New Zealand ratifies

Reported by: AP [ Published on: October 31, 2018 11:00 IST ]
Image Source : AP Pacific rim trade pact goes ahead after New Zealand ratifies

WELLINGTON, New Zealand (AP) — The Pacific rim trade pact abandoned by President Donald Trump will take effect at the year's end after New Zealand became the sixth nation to ratify it.

The New Zealand government said Wednesday that the trade arrangement, the Comprehensive and Progressive Trans-Pacific Partnership, will take effect on December 30.

The 11 nations remaining after the U.S. withdrawal in early 2017 amended the pact to enable it to take effect even without participation by the world's biggest economy.

The loss of the U.S. was a huge blow, however other countries are said to be interested in joining the trade deal, which is seen as a first step toward a pan-Pacific free trade zone.

Japan, Canada, Australia, Mexico and Singapore also have ratified it.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

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