Japan welcomes UK’s commitments towards CPTPP membership

UK Prime Minister Boris Johnson (Photo: AFP/VNA)

Hanoi (VNA) - Nishimura Yasutoshi, Japanese minister in charge of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) negotiations has welcomed the United Kingdom (UK)'s commitment toward membership during an online meeting with UK Secretary of State for International Trade Liz Truss.

Negotiations began on June 22 for the UK to join the CPTPP free trade pact as the country is aiming to enhance its economic presence in the region following its departure from the European Union.

"I am prepared to proactively engage with enrollment procedures by the United Kingdom" so as to expand the free trade bloc, Nishimura was quoted by Japan’s Kyodo News as saying at the meeting. Tokyo holds the 11-member pact's rotating presidency this year.

For her part, Truss said that the Indo-Pacific region holds great opportunities for the UK, and CPTPP membership is expected to boost export of major products of the UK, including automobile and whisky thanks to preferences in tariff, along with greater access to CPTPP in areas such as legal, financial and professional services.

With the CPTPP, the UK hopes to establish an adequate position in the global trade activities as an exporter of high-end commodities and professional services. Besides, the deal will help expand the trade deals that London is working for or has signed with CPTPP member countries.

Many CPTPP members have already signed bilateral trade deals with the UK, with officials saying there seem to be no major obstacles in the accession negotiations.

The UK’s inclusion, if realised, will increase the TPP's share of global economic output to around 16 percent from the current 13 percent.

Japan chairs the CPTPP Commission, the bloc's decision-making body, this year. It will also head working groups expected to be set up later this year to discuss tariffs as well as trade and investment rules toward London's envisaged participation.

The United Kingdom filed a request in February to join CPTPP, which now has 11 member nations - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Seven members have so far ratified it. The deal is designed to cut tariffs on agricultural and industrial products, ease investment restrictions and enhance intellectual property protection, with the aim of improving economic integration among the participating countries./.

VNA