CPTPP Council to discuss U.K. application virtually today with all members

Japan’s Economic Revitalization Minister Yasutoshi Nishimura, who oversees the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) negotiations, said that the upcoming meeting of the CPTPP Council will be held virtually under the chair of Japan.

Earlier CPTPP meeting (file photo)

The ministers will discuss the U.K.’s application to join the agreement and measures to strengthen cooperation among the member countries.

The Jiji Press news agency quoted Nishimura as saying that Japan is “closely cooperating with the U.K. and carrying out the necessary work” to speed up these negotiations.

13% of Global GDP

Signed in Chile in March 2018, CPTPP now has eleven members including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, accounting for 13 percent of world GDP.

It originally became effective on December 30, 2018 after it was ratified by Australia, Canada, Japan, Mexico, New Zealand, and Singapore. In Vietnam, the deal came into force in January 2019.

UK needs new partnerships

Since leaving the European Community, the United Kingdom has been seeking alternative trade options.

UK  manufacturing needs new markets (file photo)

An agreement to support UK businesses to trade across the Asia-Pacific region, would be great for the UK export industry.

CPTPP would reduce tariffs on 95% of goods between its members and sets modern rules in areas of increasing importance for UK industry and business, including on digital trade, data, financial, professional, and business services.