The agreement for Vietnam came into force on 14 January 2019.    A1: The CPTPP is a free trade agreement between 11 countries in the Asia-Pacific region: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement, signed on 8 March 2018, came into force on 30 December 2018, after the majority of the signatories ratified the agreement. The pact links its members, who account for about 13.5% of world merchandise trade, to 30 chapters that provide for free trade and freer access to investment. The investment chapter of the CPTPP contains a number of interesting provisions that clarify the scope of physical investment protection and dispel some of the concerns about the current investor-state dispute settlement regime (IRDD). This comment will focus on the key provisions of the investment chapter of the CPTPP and explain why it is considered a modern investment agreement. The definition of investment is therefore broad. Like the 2012 AMERICAN ILO model, the CPTPP`s investment chapter uses the term “investment characteristics,” which includes budget commitment, profit maintenance or risk-taking (Article 9.1).11 Unlike some other investment agreements12, the CPTPP`s “investment” chapter does not contain “in accordance with national law of reception.” In addition, as in many other investment agreements, a non-exhaustive list of types of investments is drawn up; expressly exclude a judicial or administrative injunction (Article 9.1). Whether an arbitration decision can constitute an investment is unclear, but it cannot be excluded in light of the wording13.13 The first approach is to completely exclude an investor`s right to ISDS. This is evident from the subsidiary letters exchanged with Peru and Australia.36 investors from Australia and New Zealand can nevertheless use the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) to circumvent this exclusion. On the other hand, from March 2020, New Zealand will not have an overlapping investment agreement with Peru, which means that the exclusion of ISDS between these two states will be effective.
Like virtually all investment agreements, the investment chapter of the CPTPP prohibits discrimination on the basis of nationality by the host state. The national treatment clause in the CPTPP Investment Chapter requires CPTP Member States to guarantee investors in another CPTP Member State no less favourable treatment than they give, in similar circumstances, to their own investors and their investments in their territory (Article 9.4.1, 9.4.2). In addition, CPTPP Member States must guarantee investors in another CPTPP Member State and no less favourable investment treatment than they give to investors in another state and their investments in similar circumstances (Article 9.5.1, 9.5.2).