UK Prime Minister Boris Johnson (Photo: AFP/VNA) Negotiations began on June 22 for the UK to join the CPTPPfree trade pact as the country is aiming to enhance its economic presence inthe region following its departure from the European Union.
"I am prepared to proactively engage with enrollmentprocedures 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 expectedto boost export of major products of the UK, including automobile and whiskythanks 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 positionin the global trade activities as an exporter of high-end commodities andprofessional services. Besides, the deal will help expand the trade dealsthat 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 accessionnegotiations.
The UK’s inclusion, if realised, will increase the TPP'sshare of global economic output to around 16 percent from the current 13percent.
Japan chairs the CPTPP Commission, the bloc'sdecision-making body, this year. It will also head working groups expected tobe set up later this year to discuss tariffs as well as trade and investmentrules 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 andindustrial products, ease investment restrictions and enhance intellectualproperty protection, with the aim of improving economic integration among theparticipating countries./.
VNA
