After several days of discussion, this Tuesday the draft agreement approving the Comprehensive and Progressive Trans-Pacific Partnership Treaty, better known as TPP11, between Australia, Brunei Darussalam, Canada, the United Mexican States, Japan, Malaysia, New Zealand, the Republic of Chile, the Republic of Peru, the Republic of Singapore and the Socialist Republic of Vietnam and the letters exchanged in the context thereof, all signed in Santiago, Chile, on March 8, 2018.
Let us remember that on September 28, the debate began with the reading of the reports of the commissions that reviewed the norm (Foreign Relations, Constitution and Treasury) and the first interventions of the congressmen.
In addition, it should be considered that, on Monday, October 3, the Committees decided to put TPP 11 to a vote this Tuesday, October 11.
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In the framework of the discussion, the Undersecretary for International Economic Relations, José Miguel Ahumada, explained that in 2019 Chile reduced its exports to the TPP11 bloc by 3.9%, which is exactly the same number by which the member countries of the bloc reduced their trade. among them. “In terms of the impact of not being part of the deal, in strictly commercial terms, it’s been pretty small,” he said.
He added that “one of the points is what are the regulatory frameworks for foreign investment and that is where we have proposed as a Government the option of side letters. We are in a situation where we establish the usual inertia or try to to insert ourselves in this global debate with the countries with which we usually compare ourselves”.
Despite the fact that the initiative – which has been in Congress for five years – has generated division in the ruling party, it is expected that this Tuesday there will be the 26 votes necessary for it to be approved and ratified by a simple majority in the Upper House.
