The agreement to establish the TRANS-Pacific partnership signed in Auckland

SYDNEY, February 4. /Corr. Pavel Vanichkin/. Trade Ministers of 12 countries signed in Auckland (New Zealand) agreement on the creation of new regional economic blocs – the TRANS-Pacific partnership (TPP). Signatures under the document were put by heads of intergov Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, USA, Singapore, Chile and Japan.

TPP trade Pact, involving the complete abolition of customs duties on goods and services in the Asia-Pacific region. The agreement will enter into force once it is ratified by all participating countries. It is expected that it will take about two years.