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On July 16, at a ministerial meeting in Auckland, New Zealand, member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially approved the UK's participation in the agreement.
Containers at Felixstowe port in the UK in October 2021 (illustrative photo)
The UK government also announced that it has officially signed the protocol to join the CPTPP after nearly two years of negotiations. Accordingly, the UK has become the first new member and the first European country to join the CPTPP since the agreement was signed in 2018. This will also be the UK's largest trade agreement since the country withdrew from the European Union (EU). Minister Badenoch assessed the agreement as "a big boost for British businesses", opening up trade opportunities with a market of more than 500 million people and access to a larger region.
The UK government says the CPTPP will help reduce tariffs on UK exports to member countries of the bloc. The deal is expected to come into effect in the second half of 2024.
Meanwhile, New Zealand Prime Minister Chris Hipkins said the participation of major economies in the CPTPP will help connect the Atlantic with the Indo-Pacific, thereby strengthening the rules-based trading system in the region.
Ministers from the CPTPP countries are expected to meet on July 16 to discuss a range of issues, including expediting the review of new applications and reviewing the agreement's content.
The CPTPP has 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The UK's participation will raise the bloc's Gross Domestic Product (GDP) from 12% to 15% of global GDP, equivalent to about 15.7 trillion USD.
According to VNA
