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UK formally requests to join CPTPP

The UK made a formal request on February 1 to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the first accession application by a member outside the 11 participating Pacific countries since the trade deal came into force in 2018.
UK formally requests to join CPTPP ảnh 1International Trade Secretary of the UK Liz Truss (Photo: AFP/VNA)
Hanoi (VNA) - The UK made aformal request on February 1 to join the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP), the first accessionapplication by a member outside the 11 participating Pacific countries sincethe trade deal came into force in 2018.

International Trade Secretary Liz Trussvoiced the request in a videoconference with New Zealand’s Trade MinisterDamien O'Connor and Japan's minister in charge of CPTPP negotiations NishimuraYasutoshi.

Japan and other signatories have welcomedthe new development, seeing it as an impetus to expanding free trade based onhigh-standard investment and trade rules. The UK is expected to enter talkswith CPTPP members in the spring.

Japan assumes the presidency of the CPTPP'sdecision-making body this year, while New Zealand is responsible for receivingaccession requests as the depositary for the trade pact.

Once the decision-making body approves thestart of the process for the UK's entry, a working-level group will be set upto proceed with accession talks.

In the negotiations, the UK will need toshow that it can comply with CPTPP rules, while entering tariff negotiations ona bilateral basis with the current 11 members.

Its accession will ultimately need to beapproved by consensus at the decision-making body.

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
#Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) #Japan #New Zealand #trade agreement #vietnamplus #vietnam news agency United Kingdom
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