02.06.2021, 16:08

CPTPP accession process for UK begins

 
CPTPP accession process for UK begins

The Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien attend the meeting.   

NDO/VNA - Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have approved a decision to start the accession process for the UK to join the trade deal during the fourth CPTPP commission meeting held via video conference on June 2 morning.


A delegation of Vietnam led by Minister of Industry and Trade Nguyen Hong Dien attended the meeting, which was chaired by Nishimura Yasutoshi, Japanese Minister in charge of Economic Revitalisation and in charge of the CPTPP.

Vietnam has actively contributed ideas to the meeting, which were highly valued by participating members.

At the event, ministers of CPTPP signatories welcomed the UK’s request to join in the trade agreement.

The commencement of the accession process with the UK and the potential expansion of the CPTPP will send a strong signal to trading partners around the world of the signatories’ commitment to support a free, fair, open, effective, inclusive and rules-based trading system, they said in a joint statement.

It will also offer chances to promote high quality standards and rules of the CPTPP and foster the recovery and development of trade activities in Asia-Pacific and the world at large.

CPTPP signatories and the UK will set up working groups in the coming months to discuss tariffs, along with trade and investment rules, Nishimura said.

The UK made a formal request on February 1 to join the CPTPP, the first accession application by a member outside the 11 participating Pacific countries since the trade deal came into force in 2018.

China, the Republic of Korea, Taiwan (China) and Thailand have also expressed interest in joining the CPTPP.

The trade agreement covers 13 percent of global gross domestic product and groups Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.