Brunei has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, the last of the original 11 signatories of the trade and investment deal to do so.

Brunei notified New Zealand, which serves as depositary for the agreement documents, of its ratification on Saturday, according to a government statement Sunday.

The agreement is expected to enter into force for the energy-rich Southeast Asian nation in mid-July, 60 days after notification.

Brunei, on the island of Borneo, is the 11th nation to ratify the CPTPP and the last of the 11 countries that signed on in Chile in 2018, after the U.S. withdrew from the Pacific Rim trade and investment deal.

"The CPTPP will provide trading opportunities to new markets like Canada and Latin American countries such as Chile, Peru and Mexico," the Ministry of Finance and Economy said in the statement. "Furthermore, the agreement will also enhance Brunei Darussalam's attractiveness as a destination for foreign direct investments."

The other CPTPP members are Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The U.K. is poised to become the 12th member, with the group aiming to sign a deal in July.

Brunei was a member of the Trans-Pacific Strategic Economic Partnership (P4), which took effect in 2006 and served as a prototype for the TPP, along with New Zealand, Singapore and Chile.

The U.S., Japan and others later joined negotiations on expanding the agreement into what became the Trans-Pacific Partnership. Twelve nations signed on to TPP in 2016, but the U.S. later withdrew.

Source: NikkeiAsia