CPTPP accession process for UK begins

The Vietnamese delegation attends the meeting via videoconference (Photo: VNA)

Hanoi (VNA) – Member nations of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)have approved a decision to start the accession process for the UK to join thetrade deal during the fourth CPTPP commission meeting held via video conferenceon June 2 morning.

A delegation of Vietnam led by Minister ofIndustry and Trade Nguyen Hong Dien attended the meeting, which was chaired by NishimuraYasutoshi, Japanese Minister in charge of Economic Revitalisation and in chargeof the CPTPP.

Vietnam has actively contributed ideas tothe meeting, which were highly valued by participating members.

At the event, ministers of CPTPPsignatories welcomed the UK’s request to join in the trade agreement.

The commencement of the accession processwith the UK and the potential expansion of the CPTPP will send a strong signalto trading partners around the world of the signatories’ commitment to supporta free, fair, open, effective, inclusive and rules-based trading system, theysaid in a joint statement.

It will also offer chances to promote highquality standards and rules of the CPTPP and foster the recovery anddevelopment of trade activities in Asia-Pacific and the world at large.

Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)

CPTPP signatories and the UK will set upworking groups in the coming months to discuss tariffs, along with trade andinvestment rules, Nishimura said.

The UK made a formal request on February 1to join the CPTPP, the first accession application by a member outside the 11participating Pacific countries since the trade deal came into force in 2018.

China, the Republic of Korea, Taiwan(China) and Thailand have also expressed interest in joining the CPTPP.

The trade agreement covers 13 percent ofglobal gross domestic product and groups Australia, Brunei, Canada, Chile,Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam./.

VNA