UK International Trade Secretary Liam Fox (Source: AFP/VNA) Hanoi (VNA) – UK International Trade Secretary Liam Fox on October31 welcomed the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP)’s taking effect later this year.
CPTPP is the new name of the Trans-Pacific PartnershipAgreement (TPP) with 11 signatories after the US’s withdrawal.
“Fantastic to seenews today on the Trans-Pacific Partnership - a further milestone in the spreadof global, rules-based trade,” Liam Fox wrote on Twitter.
The UK has shown its interest in joining the agreement afterleaving the European Union.
Leaders from CPTPP member countries, including JapanesePrime Minister Shinzo and Australian PM Scott Morrison, have welcomed the UKconsidering joining the partnership, he added.
The CPTPP is one of the most comprehensive trade deals everconcluded, which will strip 98 percent of tariffs for 11 countries with acombined GDP of more than 10 trillion USD, or 13.5 percent of the world’s, and amarket of close to 500 million consumers.
It was signed by 11 member states, namely Australia, Brunei,Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, andVietnam in March 2018.
It is expected to take effect on December 30 this year afterAustralian Prime Minister Scott Morrison announced on October 30 that hiscountry had ratified the agreement.
Foreign media quoted Morrison as saying that Australia isthe sixth country coming on board, adding that the CPTPP is one of the most comprehensiveand ambitious trade agreements in Australia's recent history.
Meanwhile, Minister for Trade and Export Growth of NewZealand David Parker said Australia's ratification triggers the 60-daycountdown to entry into force of the agreement and the first round of tariffcuts.
Previously, Mexico, Japan, Singapore and New Zealand andCanada had ratified the CPTPP. Vietnam’s National Assembly will also vote onthe pact in its on-going sixth session.-VNA
VNA
