The United Kingdom on July 16 formally signed a treaty to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Key points
- Business Minister Kemi Badenoch put her signature on the accession protocol for the CPTPP in Auckland, New Zealand.
- The CPTPP is a landmark pact agreed upon in 2018 that cuts trade barriers among 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
- The pact requires countries to eliminate or significantly reduce tariffs and make strong commitments to opening services and investment markets.
- It also has rules addressing competition, intellectual property rights and protections for foreign companies.
- CPTPP is seen as a bulwark against China’s dominance in the region, although Beijing has applied to join, along with Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador.
