The Pacific rim trade pact abandoned by US President Donald Trump will take effect at the year’s end after Australia became the sixth nation to ratify it.

Australia announced on Wednesday that it had completed procedures needed for the trade arrangement, the Comprehensive and Progressive Trans-Pacific Partnership, to progress, AP said. It will take effect December 30.

The deal is aimed at streamlining trade and slashing tariffs to facilitate more business activities between member nations with a combined population of nearly 500 million people and GDP of $13.5 trillion. 

“Our ratification means we are guaranteeing maximum benefits for our farmers and businesses,” said Simon Birmingham, minister for Trade, Tourism and Development.

He added the deal would bring annual benefits of up to $15.6 billion to the Australian economy by 2030.

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