Britain has secured an agreement to join CPTPP and will be the first new nation to join the Indo-Pacific trade bloc since it was set up in 2018, Politico reported on Wednesday (March 29).
Joining the bloc would be the culmination of years of diplomatic and political efforts and will supplement existing bilateral trade deals Britain has with several of the member countries. Members of the CPTPP include Australia, Canada, Japan, Mexico, New Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam.China’s application to join is next in the queue.
Prime Minister Rishi Sunak’s spokesperson said ministers were due to discuss CPTPP with their counterparts later this week and there would be an update at the “earliest possible opportunity”.
CPTPP accession undoubtedly will play an important role in placing the UK at the centre of a modern, progressive network of free trade agreements with fast-growing economies, as the country is looking to build global trade ties following its departure from the European Union.
(CPTPP) is the successor to the Trans-Pacific Partnership (TPP) which was never ratified as the U.S. withdrew from the agreement soon after the election of president Donald Trump. The CPTPP was signed in March 2018 in Chile and came into force in December that year. It incorporated nearly all the provisions of the original TPP relating to anti-corruption, competitive bidding for government procurement, adherence by state-owned enterprises (SOEs) to market principles, some transparency and due process, as well as commercial data flows across borders with little state interference. The CPTPP represents around 13% of global GDP. The CPTPP commission in 2023 is chaired by New Zealand.