CPTPP Members Formally Approve Britain’s Membership
12:13 JST, July 16, 2023
Auckland, New Zealand, July 16 (Jiji Press)—Japan, Australia and other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) free trade agreement formally approved Britain’s application for membership in the bloc at a ministerial meeting in Auckland, New Zealand, Sunday, expanding its reach beyond the Asia-Pacific region.
Britain will become the TPP’s 12th member and first new addition since the trade agreement went into force in December 2018. Britain’s entry is subject to ratification procedures in each of TPP members.
With Britain, the bloc will account for 15 pct of global nominal gross domestic product, up from 12 pct. Its total value of trade will expand from $6.6 trillion to $7.7 trillion.
For Japan, Britain will remove a tariff of about ¥22 per kilogram imposed on polished rice imported from the country.
After leaving the European Union in January 2020, Britain applied for membership in the CPTPP in February 2021 in an effort to reinforce cooperation with the Asia-Pacific region.
China, Taiwan, Ecuador, Costa Rica, Uruguay and Ukraine have also filed for membership in the CPTPP.
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