Britain formally requests to join CPTPP mega trade pact
- UK Secretary of State for International Trade Liz Truss made the request in a videoconference with her Japanese and New Zealand counterparts
- Japan assumes the presidency of the CPTPP’s decision-making body this year, while New Zealand is responsible for receiving accession requests
Britain on Monday made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade pact, the first accession application by a member outside the 11 participating Pacific countries.
UK Secretary of State for International Trade Liz Truss held a videoconference with her Japanese and New Zealand counterparts, saying: “I want Britain’s accession to the CPTPP to help build back better the global trading system.”
Japan and other TPP members have welcomed the new development, seeing it as an impetus to expanding free trade based on high-standard investment and trade rules. The United Kingdom is expected to enter talks with TPP members in the spring.
The trade agreement, which came into force in 2018, covers 13 per cent of global gross domestic product and groups Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
“As we seek to recover from the devastating impact of Covid-19, it’s all the more important for like-minded allies to work together to make the case for free trade and put it into action,” Truss told Yasutoshi Nishimura, Japan’s minister in charge of CPTPP negotiations, and New Zealand Trade Minister Damien O’Connor.
“I hope that Britain acceding will encourage others who share our views and outlook to consider joining this important group,” she said.
Nishimura said Japan “will lead the discussion towards the evolution and the expansion of the CPTPP”.
