CPTPP trading bloc nations agree to allow UK to start joining process
Member nations of the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to allow the UK to begin the process of joining the trading bloc, a Japanese minister has announced.
Japanese economy minister Yasutoshi Nishimura told local reporters today that he welcomed the start of the ascension process, after a meeting of governments from within the CPTPP
Japan, Australia, Canada, Mexico, Vietnam and New Zealand are among the member nations of the CPTPP.
“I think there’s a big meaning to this from a strategic viewpoint of strengthening economic relations between Japan and the United Kingdom,” he said.
A joint statement from the trading bloc said: “The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world.”
The UK officially applied to join the trading bloc in February and international trade secretary Liz Truss has recently been focussed on sealing trade deals with two of its members – Australia and New Zealand.
Joining the bloc would give the UK 95 per cent tariff free trade with the 11 nations.
The 11 CPTPP countries make up 13.4 per cent of global GDP – about £10 trillion.
The UK is hoping it can align with the CPTPP countries now to cash in on future growth in some of the emerging nations that are in the partnership, such as Mexico, Vietnam and Malaysia.
Truss said in a statement today that the CPTPP “is a huge opportunity for Britain”.
“It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia Pacific,” she said.
“We would get all the benefits of joining a high standards free trade area, but without having to cede control of our borders, money or laws.”