CPTPP nations agree to begin accession process – Fibre2fashion.com

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The 11 nations that are signatories to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have today agreed to the UK’s bid to begin the accession process to join the agreement. CPTPP countries accounted for £110 billion-worth of UK trade in 2019 and its rules remove tariffs on 95 per cent of goods traded between members.

The UK will continue to work closely with Japan, as this year’s chair of the CPTPP commission, alongside the other CPTPP nations to progress negotiations as quickly as possible, UK’s department for international trade said on its website.

“CPTTP membership 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,” UK’s international trade secretary Liz Truss 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.

“The government will publish its outline approach, scoping assessment and consultation response before negotiations start in the coming weeks,” Truss added.

The 11 CPTPP signatory countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, which together have around 500 million inhabitants.

Fibre2Fashion News Desk (RKS)