Regarding the United Kingdom's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), 11 member countries are expected to soon undergo an agreement process, according to reports by Japan's Kyodo News and Jiji Press on the 29th.
According to the reports, ministers from the UK and member countries are coordinating to sign the UK's accession in New Zealand this coming July.
The CPTPP is a mega free trade agreement (FTA) formed by 11 countries in the Asia-Pacific region. When former U.S. President Donald Trump withdrew the United States from the Trans-Pacific Partnership (TPP) during his term, the remaining countries including Australia and Mexico launched the CPTPP in December 2018.
All 11 member countries must agree for a new member to join the CPTPP, and the trade volume among member countries accounts for about 15% of global trade. The CPTPP features a high level of tariff elimination on goods trade and includes advanced provisions on standard services, intellectual property rights, and e-commerce.
The UK applied to join the CPTPP, led by Japan, in 2021 to boost trade following Brexit.
Currently, besides the UK, China, Taiwan, Ecuador, and Costa Rica have also applied for membership.
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