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- Trans-Pacific trade deal members agree for UK to start joining process
Trans-Pacific trade deal members agree for UK to start joining process
Reuters reports that Japan’s economy minister said that member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially agreed to allow the United Kingdom to start the process of joining the pact.
Japanese Economy Minister Yasutoshi Nishimura said he welcomed the start of Britain’s joining process after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact.
The United Kingdom’s admission into CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the European Union, he added.
“The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world,” the 11 member countries said in a statement.
Britain made a formal request to join the trade deal in February as it sought to open new avenues for post-Brexit trade and influence.
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