Chaired by Japan, the meeting looked into the U.K.’s efforts to seek membership of the CPTPP, and its laws and regulations that need to be revised to meet criteria of the deal.
The U.K. hoped to carve out a niche for itself in world trade as an exporter of premium consumer goods and professional services. Accession to the pact would supplement trade deals London is seeking, or has already agreed, with larger members.
"This is a big milestone on our path to joining CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies," U.K. Secretary of State for International Trade Anne-Marie Trevelyan said in a statement.
Joining the CPTPP in its current format could add around 1.8 billion GBP (2.5 billion USD) to the British economy over the long-term, or less than 0.1 percent of pre-pandemic gross domestic product (GDP).
While only a minimal gain for exports and economic growth, it locks in market access, including for the legal, financial and professional services sectors.
    |
 |
|
Japanese minister in charge of CPTPP talks Yasutoshi Nishimura (Photo: Kyodo) |
The U.K. applied to join the pact in February 2021 after leaving the E.U. last year.
Founded in 2018, the CPTPP commits to remove 95 percent of tariff lines among 11 member states, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The free trade area accounts for an estimated 13 percent of the global GDP.
Source: VNA