Even without the United States, the deal will span a market of almost 500 million people, making it one of the world's largest trade agreements, according to Chilean and Canadian trade statistics.
Eleven countries of the Pacific region will endorse the new Trans-Pacific Partnership (TPP) this Thursday in Santiago without the participation of the United States, an ambitious project with which they intend to send a signal against protectionism.
Even without the United States, the deal will span a market of almost 500 million people, making it one of the globe's three largest trade agreements, according to Chilean and Canadian trade statistics.
But Japan, a key driver behind the revised pact, is skeptical. These governments agreed on its content January 23 and by February 21 its 30 chapters were released to the public.
In May 2017, foreign trade ministers of the Trans-Pacific Partnership (TPP) signatory countries agreed to assess the options to reach a new agreement following the United States' withdrawal. The Australian Council of Trade Unions, for instance, called the CPTPP "a raw deal for working Australians", while former New Zealand lawmaker Barry Coates argued that "TPP-11 would override important aspects of our personality" and threaten national sovereignty.
More than 20 provisions were suspended or changed in the new agreement, mostly rules over intellectual property originally inserted at the demand of United States negotiators.
Fiorentina and Cagliari retire number 13 shirt in memory of Davide Astori
The Serie A club announced the move on Tuesday, while also confirming that Astori's former club Cagliari would also do the same. Juventus captain Gianluigi Buffon , a former Italy goalkeeper, posted a picture of himself with Astori on Instagram.
"The CPTPP will establish a new standard for other regional economic integration agreements, and even for future negotiations in the WTO (World Trade Organization) and in APEC (Asia-Pacific Economic Cooperation)", said Chile's foreign ministry, which is hosting Thursday's landmark signing.
In about 60 days, after being ratified by six of its 11 members, the CPTPP will come into force, so the dynamics of Chile, Mexico and Peru will have great benefits.
"We're proud.to show the world that progressive trade is the way forward, that fair, balanced, and principled trade is the way forward, and that putting citizens first is the way forward for the world when it comes to trade", Canadian Trade Minister Francois-Phillippe Champagne said.
In January, Trump told the World Economic Forum in Switzerland that it was possible Washington might return to the pact if it got a better deal.
The deal will eliminate 98 per cent of tariffs in a marketplace worth close to $14 trillion.
Total Canadian exports to other CPTPP countries are projected to increase by $2.7 billion, or 4.2 per cent, by 2040, compared to gains of $1.5 billion under the original TPP.
Representatives from Canada, Japan, Australia, New Zealand, Mexico, Chile, Peru, Vietnam, Malaysia, Brunei and Singapore are to sign the Comprehensive & Progressive Trans Pacific Partnership (CPTPP) accord in Santiago de Chile.