Britain signs treaty to join trans-Pacific trade pact

Auckland, July 16 (BNA): Britain on Sunday formally signed the treaty to join a major trans-Pacific trade pact, becoming the first new country to participate since its inception in 2018, and opening the way for members to consider other applications including from China and Taiwan.

The signing was part of a meeting of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP) Committee held in New Zealand, Reuters reports.

Ministers from member states will meet later on Sunday to discuss a range of topics, including how to proceed with new applications and a review of the agreement itself.

British Business and Trade Secretary Kimmy Badinoch said at the signing ceremony that her country was delighted to become the first new member of the CPTPP.

“This is a recent and ambitious agreement, and our membership of this exciting, exciting and forward-looking bloc is proof that the UK’s doors are open for business,” Badenock said.

The British government still needs to ratify the agreement.

CPTPP is a landmark trade agreement agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Britain will become the 12th member of the deal that lowers trade barriers, as it looks to deepen ties in the Pacific after it leaves the European Union in 2020.

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

New Zealand’s Prime Minister Chris Hepkins said the road to getting Britain into the agreement was long and at times difficult, but having major economies within the partnership would bring the Atlantic into the Indian and Pacific in a way that strengthens the rules-based trading system. in the area.

MI