Trans-Pacific trade pact members gathering information on aspiring joiners
AUCKLAND (Reuters) - Participants of a significant trade pact spanning the Pacific region mentioned on Sunday that they were in the process of collecting data on China, Taiwan, and other nations keen on becoming part of the agreement. The purpose of this data analysis is to determine whether these countries can successfully comply with the pact's rigorous requirements.
After the CPTPP gathering in Auckland, there was a discussion about the comments. During the meeting, Britain officially joined the agreement by signing the treaty. Additionally, an agreement was reached to assess and improve the CPTPP.
In addition to China and Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador have likewise expressed their interest in becoming a part of the pact. The final verdict on which countries will be admitted and when will be determined in a collaborative manner.
"The group of members is currently engaged in a data collection process regarding the potential economies' capability to meet the rigorous criteria of CPTPP. This includes assessing their previous trade commitments and experiences," stated the members collectively.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is an influential trade agreement that was established in 2018. This pivotal pact involves 11 participating nations, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Britain joined the pact as its 12th member, aiming to strengthen its connections in the Pacific region following its departure from the European Union in 2020. The pact works towards reducing trade obstacles between its member countries.
The statement from the CPTPP mentioned that they are actively engaging in dialogue regarding the appropriate course of action to ensure the inclusion of all parties' interests and upholding of the stringent standards while progressing in the accession processes.
China is next to be considered for membership in the pact, assuming applications are processed in the order they were received. However, China will encounter several challenges that must be overcome for their inclusion.
The CPTPP mandates nations to abolish or substantially decrease import duties, make firm pledges to fostering service and investment markets, and enforces regulations pertaining to competition, intellectual property rights, and safeguards for international corporations.
Damien O'Connor, the minister responsible for trade in New Zealand who led the CPTPP meeting, stated during a media briefing that there is currently no specific timeline in place regarding potential decisions on future participation.
O'Connor stated that membership applications are a intricate domain, and emphasized that none of the countries' applications were deliberated on Sunday. Taiwan's application has faced opposition from China.
Earlier today, the United Kingdom inked the agreement to join the accord, although it is still awaiting approval from the nation's authorities.
Kemi Badenoch, the Business and Trade Secretary of Britain, expressed great pleasure at the signing, as her nation became the inaugural addition to the CPTPP.
Badenoch expressed that this agreement is contemporary and full of determination, and our involvement in this stimulating, exceptional, and progressive group demonstrates that the UK is keen on engaging in commercial activities.
Written by Lucy Craymer; Revised by Jamie Freed
