New Delhi, 16th July 2023: Britain formally signed the treaty to join a major trans-Pacific trade pact on Sunday, becoming the first new country to join since its establishment in 2018 and paving the way for members to examine further applications, including those from China and Taiwan.
The signing took place as part of a commission meeting for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.
Members’ ministers will meet later on Sunday to discuss a variety of issues, including how to proceed with new applications and a review of the accord itself.
Britain’s Business and Trade Secretary, Kemi Badenoch, stated after the signing that her country was thrilled to be the CPTPP’s first new member.
Badenoch said, “This is a modern and ambitious agreement and our membership in this exciting, brilliant and forward looking bloc is proof that the UK’s doors are open for business.”
The accord must yet be ratified by the British government.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a significant trade agreement signed in 2018 by 11 nations, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and
Vietnam.
Britain will become the 12th member of the trade treaty, as it seeks to strengthen connections in the Pacific following its leave from the European Union in 2020.
China, Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador have all expressed interest in joining the CPTPP.
The road to bringing Britain into the agreement had been long and at times difficult, according to New Zealand Prime Minister Chris Hipkins, but having major economies inside the partnership would bring the Atlantic to the Indo-Pacific in a way that strengthened the region’s rules-based trading system.
