CPTPP: The UK officially joins at meeting in Auckland
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Government officials from the countries involved in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership met in Auckland on July 16, 2023.
Today, a momentous gathering of the government took place in Auckland, New Zealand, marking a crucial milestone since the pandemic. The United Kingdom has now officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), being the first outside the initial group of signatories.
Ministers responsible for trade from a dozen nations convened on Sunday to deliberate on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP stands for Comprehensive and Progressive Agreement for Trans-Pacific Partnership. It is an agreement on trade that involves 11 countries from the Pacific region, namely Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, Vietnam, and Malaysia. Although these nations signed the deal in 2018, the agreement came into effect at various times for each country depending on when they officially approved it and submitted their necessary documents.
The decision for the UK to unite marks the inaugural occasion where a country that was not initially part of the original group has come onboard.
The current group of 11 members collectively represent over 500 million individuals and contributed to 12 percent of the global Gross Domestic Product (GDP) this year. It is anticipated that the addition of the United Kingdom to this group will elevate the global GDP share to 15 percent, which corresponds to approximately $21 million in New Zealand currency.
The entry in the blog section of New Zealand Prime Minister Chris Hipkins expressed enthusiasm about the United Kingdom's entry into the CPTPP, referring to it as a positive development for the area.
Valued at a whopping $60 billion in trade between partnering economies, this deal is bringing substantial advantages and prospects for our exporters. With the inclusion of the United Kingdom in the CPTPP alliance, we can expect a further surge in economic opportunities to foster growth and facilitate recovery.
The Trade Minister, Damien O'Connor, mentioned that the United Kingdom is part of the G7 group and ranks as the globe's sixth-largest economy.
It is also dedicated to maintaining elevated requirements and trade policies based on rules, which makes it an ideal match for CPTPP.
Including the presence of the UK within our jurisdiction will fortify the trade system that abides by established regulations in our vicinity, thereby favoring exporters from New Zealand. This inclusion will offer increased assurance, while also improving trade supply chains on a regional scale.
British Minister responsible for Business and Trade, Kemi Badenoch, has officially put pen to paper, signing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The signing took place in the presence of New Zealand Prime Minister Chris Hipkins, who observed the significant moment. A picture captured the historic event, showing the two officials engaged in the signing process.
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