On Monday, November 5th, the Executive branch introduced a bill to the Chamber of Deputies that would ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The CPTPP agreement will create an international free trade zone between eleven countries in the Americas, Asia and Oceania, and promote the free flow of capital, investment and goods among its members. The bill has been passed to the Foreign Relations Committee, due to discuss it in the third week of November.

The bill endorses the new Trans-Pacific Partnership Agreement that has been agreed to by Chile along with ten other countries: Australia, Brunei Darussalam, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Six states have already ratified the agreement, which will enter into force December 30th.

The CPTPP agreement replaces the former international treaty, the TPP, that had been signed by the United States. The treaty enshrines a series of free trade mechanisms for signatory countries, including chapters on regulatory coherence in the areas of legal security, financial services, e-commerce and intellectual property.