The TPP had been signed on 4 February 2016 but never entered into force, as the U.S. withdrew from the agreement soon after the election of president Donald Trump.[9] All other TPP signatories agreed in May 2017 to revive the agreement,[10][11] with Shinzo Abe's administration in Japan widely reported as taking the leading role in place of the U.S.[12][13][14][15] In January 2018, the CPTPP was created as a succeeding agreement, retaining two-thirds of its predecessor's provisions; 22 measures favored by the U.S. but contested by other signatories were suspended, while the threshold for enactment was lowered so as not to require U.S. accession.[16][17]
The formal signing ceremony was held on 8 March 2018 in Santiago, Chile.[18][19] The agreement specifies that its provisions enter into effect 60 days after ratification by at least half the signatories (six of the eleven participating countries).[16] On 31 October 2018, Australia was the sixth nation to ratify the agreement; it subsequently came into force for the initial six ratifying countries on 30 December 2018.[20]
The chapter on state-owned enterprises (SOEs) requires signatories to share information about SOEs with each other, with the intent of engaging with the issue of state intervention in markets. It includes the most detailed standards for intellectual property of any trade agreement, as well as protections against intellectual property theft against corporations operating abroad.[17]
The official languages of CPTPP are English, French, and Spanish; English is used prevailing in the case of conflict or divergence.[21]
The CPTPP commission in 2024 is chaired by Canada.[22]