Britain signs treaty to join trans-Pacific trade pact
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Minister for Trade and Industry Gan Kim Yong (right), who represented Singapore at the meeting, welcomed Britain’s entry.
PHOTO: GAN KIM YONG/FACEBOOK
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AUCKLAND - Britain on Sunday formally signed the treaty to join a major trans-Pacific trade pact, becoming the first new country to take part since its inception in 2018
The signing was part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) commission meeting being held in New Zealand. Ministers from member countries were to 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.
Britain’s Business and Trade Secretary Kemi Badenoch said at the signing that her country was delighted to become the first new member of the CPTPP.
“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,” she said.
The British government still needs to ratify the agreement.
Minister for Trade and Industry Gan Kim Yong, who represented Singapore at the meeting, welcomed Britain’s entry.
In a statement issued by the ministry on Sunday, he said: “The entry of the UK into the CPTPP is an important milestone for our agreement that will benefit all members through access to the large UK market. The UK also stands to gain from becoming further integrated into one of the most dynamic trading areas in the world, and will increase the size of CPTPP to 15 per cent of global gross domestic product.”
According to the statement, he outlined three points at the meeting.
First, Britain’s accession will enhance the economic heft of the agreement and bring new market access opportunities for members.
Second, it is important to build on this momentum to ensure that the CPTPP remains an open and inclusive agreement to aspirant economies that are willing and able to meet its high standards.
Third, it is vital for members to work together to review and enhance the implementation of the agreement to ensure that it remains as the benchmark for trade agreements.
The CPTPP is a landmark trade pact agreed in 2018
Britain will become the 12th member of the pact that cuts trade barriers, as it looks to deepen ties in the Pacific after its exit from the European Union in 2020.
China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join the CPTPP.
New Zealand Prime Minister Chris Hipkins said the road to bringing Britain into the agreement had been long and at times challenging, but having major economies inside the partnership would bring the Atlantic to the Indo-Pacific in a way that strengthened the rules-based trading system in the region. REUTERS
