New Zealand Welcomes Start Of UK CPTPP Accession Process | Scoop News – Scoop.co.nz

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Hon Damien O’Connor

Minister for Trade
and Export Growth

New Zealand has joined
other members of the Comprehensive and Progressive Agreement
for Trans-Pacific Partnership (CPTPP) in agreeing to start
the process towards the UK becoming a member of the
Agreement, Trade and Export Growth Minister Damien
O’Connor announced today.

A special CPTPP Commission
meeting, chaired by Japan, was held virtually this
afternoon, bringing together ministers and senior officials
from all eleven CPTPP economies. The Commission took a
consensus decision to begin the accession process with the
UK and to establish an Accession Working Group for that
purpose.

”New Zealand welcomes this next step
towards the UK becoming part of the Indo-Pacific’s most
advanced and high quality free trade agreement,” Damien
O’Connor said.

“This comes against a backdrop of
heightened interest among APEC economies in potential
accession to the CPTPP.

“New Zealand believes the
agreement’s objectives – to maintain and expand more open,
rules-based trade – have a big contribution to make to
post-COVID economic recovery in our region and beyond. We
see the growing interest from a range of economies in
joining the CPTPP as testament to its importance in this
regard.”

The Accession Working Group will examine
how the UK will comply with the existing CPTPP rules and
will negotiate the UK’s market access
commitments.

Under CPTPP accession procedures,
candidates are expected to deliver the highest standard of
market access commitments, including on goods, services and
temporary entry for business people.

“We look
forward to working with our CPTPP partners and the UK to
establish how the UK will meet the high standards required
in the CPTPP, including those relating to market
access.

“It will be particularly important that this
first accession process sets a strong precedent, both in
regard to the substantive commitments expected of the UK, as
well as in the adoption of a thorough and robust process,”
Damien O’Connor said.

CPTPP economies are Australia,
Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico,
New Zealand, Peru, Singapore and Viet Nam. Together they
account for 13.3 percent of world GDP – worth a total of
US$10.6
trillion.

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