Is the UK about to tick one of its ‘Asia tilt’ boxes by joining CPTPP Indo-Pacific trade bloc this week?
The UK is set to join the key CPTPP Indo-Pacific trade bloc later this week, according to reports.
Negotiations have been ongoing to secure Britain’s entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since early 2021.
And sources have now said the UK’s entry into the pact is “agreed” and “confirmed”, according to Politico.
The UK will become the 12th country to join the partnership, which represents 13 per cent of global GDP, when its membership is officially confirmed, thought to be later this week.
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam signed up to the free trade agreement in Santiago in 2018.
What is the CPTPP?
It was formed following the failure to ratify the Trans-Pacific Partnership (TPP), which never came into force thanks to the United States backing out.
Membership has been a key ambition for business and trade secretary Kemi Badenoch, who said joining the CPTPP was one of her two main hopes for 2023, alongside a deal with India.
CPTPP includes the fast-growing economies Singapore and Vietnam and the government’s ambition to join was part of its strategic ‘Asia tilt’ focus to boost relationships in the region.
Anne-Marie Trevelyan, a foreign office minister and former trade secretary, said the area was a “top government priority” earlier this year.
Wendy Cutler, vice president of the Asia Society Policy Institute (ASPI), welcomed the news, saying: “And now there are 12. Congrats to all, as the US continues to watch from outside.”
The think tank boss added: “Time to reconsider our regional trade strategy.”
The prime minister’s official spokesman declined to confirm the UK was set to join the pact when asked but said there would be an update at the “earliest possible” opportunity.
“Negotiations have been proceeding well on CPTPT and ministers are due to have discussions with their counterparts later this week,” he told journalists.
A spokesperson for the department for business and trade said: “We are making great progress on the UK’s accession to CPTPP, and aim to conclude talks at the earliest opportunity.
“The government is working to ensure that the UK joins on terms that work for British business and are in line with domestic priorities.”