UK seals deal to join trans-Pacific trade group CPTPP
It was officially announced today that the United Kingdom signed the treaty enabling its inclusion into the prominent trans-Pacific trade group, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This development marks the addition of the first new participant into this significant pact since its establishment in 2018. As the doors open for the UK, the stage is now set for members to assess further applications, potentially from China and Taiwan.
The formalities took place during the meeting arranged by the commission for the CPTPP in New Zealand. Eminent representatives from the member nations are slated to have a meeting later on today. The agenda includes the discussion of how to pave the way forward for accepting new applications and an overview of the terms of the agreement itself.
Kemi Badenoch, the Secretary of Business and Trade for Britain, expressed her country’s joy and satisfaction at becoming the first new add-on to the CPTPP during the signing ceremony. Badenoch said…
“This is a modern and ambitious agreement and our membership in this exciting, brilliant and forward looking bloc is proof that the UK’s doors are open for business.”
The next step involves the necessary ratification of this agreement by the UK government.
A significant milestone in trade agreements, the CPTPP pact was initially established in 2018 and included 11 nations namely: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. UK will become the 12th member of the trade pact, as it seeks to strengthen ties in the Pacific following its exit from the European Union in 2020.
Several countries including China, Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador have expressed their interest and have submitted applications to join the CPTPP.
The journey to integrating Britain into the agreement has been a lengthy and intricate procedure, admitted Chris Hipkins, the Prime Minister of New Zealand. He highlighted the importance of having significant economies within the partnership, and the positive implications it would bring, bridging the Atlantic to the Indo-Pacific region, thereby fortifying the rules-based trading system in the region.
