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US-ASEAN Business Council Welcomes the Successful Conclusion of the CPTPP

(Washington, DC) –  The US-ASEAN Business Council congratulates the 11 nations that comprise the Comprehensive and Progressive Trans Pacific Partnership (CPTPP) trade agreement on finalizing negotiations on all remaining outstanding issues in Tokyo, Japan today.  The CPTPP members also announced that their respective Ministers of Trade intend to sign the final agreement on March 8 in Chile.

The CPTPP is made up of 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.  Four of these nations – Brunei, Malaysia, Singapore and Vietnam – are also members of ASEAN.

“We see this progress in international trade liberalization as an important step forward for American businesses,” said Alexander Feldman, President & CEO of the US-ASEAN Business Council. “All businesses operating in the 11 CPTPP countries stand to gain from substantial reduction of tariffs and non-tariff barriers, improved access to service suppliers, better IPR protection, greater facilitation of investments, and increased transparency and fair competition in government procurement contracts.”

Feldman continued, “The Council salutes the governments of Brunei, Malaysia, Singapore, and Vietnam for participating in the successful conclusion of the CPTPP.  The CPTPP represents a strategic trade policy initiative which will support economic prosperity and enhance the global competitive position of these four ASEAN member states now and hopefully additional members of ASEAN in the future.”

The Council’s Vice President for Policy Marc Mealy added, “Once the CPTPP is signed, ratified, and enters into force in late 2018-2019, it is likely to serve as a catalyst for the continued evolution of both global and regional supply chains in Asia.  The preferential market access and rules of origin commitments in the CPTPP will create new opportunities for multinational corporations to identify ways of lowering costs in terms of foreign direct investment (FDI) destinations and generating new efficiencies by shifts in the locations of optimal manufacturing, assembling, and distribution nodes.”

The US-ASEAN Business Council looks forward to supporting the four ASEAN members of the CPTPP as they move forward in implementing and enforcing this important new trade agreement.

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For more than 30 years, the US-ASEAN Business Council has been the premier advocacy organization for US corporations operating within the dynamic Association of Southeast Asian Nations (ASEAN). Worldwide, the Council's 150+ membership generates over $6 trillion in revenue and employ more than 13 million people. Members include the largest US companies conducting business in ASEAN, and range from newcomers to the region to companies that have been working in Southeast Asia for over 100 years. The Council has offices in: Washington, DC; New York, NY; Bangkok, Thailand; Hanoi, Vietnam; Jakarta, Indonesia; Kuala Lumpur, Malaysia; Manila, Philippines; and Singapore.

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