Illustrative image (Photo: Reuters) Hanoi (VNA) - Expert groups of 11 membersstates of the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) convened their first meeting via videoconference on September28 to discuss the UK’s entry to the pact.
Chaired by Japan, the meetinglooked into the UK’s efforts to seek membership of the CPTPP, and its laws andregulations that need to be revised to meet criteria of the deal.
The UK hoped to carve out aniche for itself in world trade as an exporter of premium consumer goods andprofessional services. Accession to the pact would supplement trade dealsLondon is seeking, or has already agreed, with larger members.
"This is a bigmilestone on our path to joining CPTPP, which will allow us to forge strongerlinks both with old friends and some of the world’s fastest-growingeconomies," UK Secretary of State for International Trade Anne-MarieTrevelyan said in a statement.
Joining the CPTPP in itscurrent format could add around 1.8 billion GBP (2.5 billion USD) to the Britisheconomy over the long-term, or less than 0.1 percent of pre-pandemic grossdomestic product (GDP).
While only a minimalgain for exports and economic growth, it locks in market access, including forthe legal, financial and professional services sectors.
Japanese minister in charge of CPTPP talks Yasutoshi Nishimura. (Photo: Kyodo) The UKapplied to join the pact in February 2021 after leaving the EU last year.
Foundedin 2018, the CPTPP commits to remove 95 percent of tariff lines among 11 memberstates, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico,New Zealand, Peru, Singapore and Vietnam. The free trade area accounts for anestimated 13 percent of the global GDP./.
