Thursday, September 28, 2023
HomeEconomyUK signs treaty to join Trans-Pacific trade pact

UK signs treaty to join Trans-Pacific trade pact

Lucy Craymer

OAKLAND (Reuters) – Britain on Sunday formally signed a treaty to join a key trans-Pacific trade pact, becoming its own The first new country to join the agreement since its inception. 2018 and open the way for members to consider other applications, including those from China and Taiwan.

The signing was part of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) committee meeting in New Zealand.

Member state ministers will meet later on Sunday to discuss a range of topics, including how to move forward with new applications and a review of the agreement itself.

UK Business and Trade Secretary Cammy Badnock said at the signing ceremony that the UK is delighted to be the first new member of the CPTPP.

“This is a modern and ambitious agreement and we are excited about it,” Badnock said. The door is wide open. “

The UK government still needs to ratify the agreement.

The CPTPP is a partnership between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, etc. Landmark trade deal between countries, Singapore and Vietnam in 2018.

UK to be cut The th member of the Trade Barriers Agreement as the UK looks to deepen ties with the Pacific after Brexit 2018.

China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join the CPTPP.

New Zealand Prime Minister Chris Hipkins says there is a long road ahead for the UK to join the pact , at times challenging, but bringing major economies into the partnership will bring the Atlantic into the Indo-Pacific, strengthening the rules-based trading system of the region.

2018 2018


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