Don't expand the CPTPP - AFTINET Submission
May 10, 2021 ; The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in 2018 by 11 countries: Australia, New Zealand, Japan, Chile, Peru, Mexico, Canada, Malaysia, Singapore, Brunei and Vietnam, after the US withdrew in 2017. The remaining 11 re-badged the agreement as the CPTPP and suspended some of its most controversial clauses. But these concerns have also influenced four of the 11 signatories to still not ratify the agreement. In this context, expansion of the agreement seems premature.
Twenty-two of the original TPP-12 provisions were suspended, but not removed, in the CPTPP, in case the USA wanted to rejoin. Many of these provisions are intellectual property provisions that increase monopolies on the most expensive biologic medicines, which would delay the availability of cheaper forms of these medicines for an additional three years.
See the AFTINET Bulletin April 2021 for more detail.
AFTINET's submission to the Joint Standing Committee on Foreign Affairs, Defence and Trade is here.