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Pacific Trade Pact to Start at End of 2018 After Six Members Ratify

A landmark 11-member trade deal aimed at slashing barriers in some of Asia Pacific's fastest growing economies will come into force at the end of December, the New Zealand government said on Wednesday. The deal would move forward after Australia informed New Zealand that it had become the sixth nation to formally ratify the deal, alongside Canada, Japan, Mexico and Singapore. "This triggers the 60 day countdown to entry into force of the Agreement and the first round of tariff cuts," said New Zealand Trade and Export Growth Minister David Parker. His country is responsible for official tasks such as receiving and circulating notifications made by members of the pact. The original 12-member deal was thrown into limbo early last year when President Donald Trump withdrew from the agreement to prioritize protecting U.S. jobs. The 11 remaining nations, led by Japan, finalised a revised trade pact in January, called the...

 

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