New Zealand ratified the TPP on 11 May 2017.  Prime Minister Jacinda Ardern will attempt to renegotiate the Trans-Pacific Partnership (TPP) agreement in Vietnam in time, so that the government can prohibit foreign speculators from buying existing New Zealand homes. She said, “We believe it will be possible to reconcile our desire to ensure that we provide affordable housing by easing demand and prohibiting foreign speculators from buying existing homes while meeting our business objectives.”  Two-thirds of the provisions of the signed CPTPP are identical to the proposed TPP at the time the United States left the negotiation process. The chapter on SOEs remains unchanged and obliges signatories to share information on SOEs with the intention of addressing the issue of state intervention in the market. It contains the most detailed intellectual property standards for a trade agreement and protection against intellectual property theft against companies operating abroad.  Twelve countries participated in the TPP negotiations: the four contracting parties to the 2005 Trans-Pacific Strategic Economic Partnership Agreement and eight other countries. All twelve signed the TPP on February 4, 2016.  The agreement would have entered into force after ratification by all signatories if this had been done within two years. If the agreement had not been ratified by all by 4 February 2018, it would have entered into force after ratification by at least six states, which together have a GDP of more than 85% of the GDP of all signatories. The U.S. withdrawal from the agreement in January 2017 ended virtually all prospects for the agreement to enter into force.
In response, the other parties successfully negotiated a new version of the agreement, which does not have the 85% of GDP threshold, the CPTPP, which came into force in December 2018. The agreement between Australia, Canada, Japan, Mexico, New Zealand and Singapore came into force on December 30, 2018. During the round of negotiations, held in parallel with the Asia-Pacific Economic Cooperation Forum in Vietnam in November 2017, Canadian Prime Minister Justin Trudeau refused to sign the principle of the agreement and expressed reservations about the cultural and automotive provisions. The media in Australia, New Zealand and Japan, which strongly supported a rapid move towards an agreement, strongly criticized what they described as Canadian sabotage.  CAFTA believes that, in order to achieve its objectives, the TPP must eliminate tariffs and quantitative restrictions on the importation of all products.