With the ratification of the CPTPP by Australia on October 24 and following a 60-day “announcement” period, the agreement could possibly take effect as early as December 30. Such would see the reduction in duties for goods trading between the 6 initial signatories: Australia, Canada, Mexico, New Zealand, Japan and Singapore. The CPTPP provides for the immediate duty relief on a vast majority of goods traded amongst the countries.
Once the remaining signatories (Brunei, Chile, Malaysia, Peru and Vietnam) to the agreement ratify the CPTPP, such will also benefit from reduced duties but possibly in staged phases. The initial signatories will therefore reap duty benefits earlier than those that ratify the agreement at a later date.
Product specific rules of origin will need to be met and origin “certification” can be provided by the importer, producer or exporter and will require the following data elements: importer, exporter, producer, certifier, product description and HS tariff classification, origin criterion, blanket period (if applicable), and authorized signature and date.
The origin certification reads as follows: I certify that the goods described in this document qualify as originating and the information contained in this document is true and accurate. I assume responsibility for proving such representations and agree to maintain and present upon request or to make available during a verification visit, documentation necessary to support this certification.
As soon as the implementing regulations are released, additional details will be provided. The text of the agreement can be found here.
Any questions or comments on this matter can be directed to Delmar’s North American Advisory team at email@example.com.