The Australian Government welcomes the substantial conclusion of negotiations on the United Kingdom’s accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP).
The CPTPP is one of the most comprehensive trade agreements ever concluded, eliminating 98% of tariffs in a trade zone that represents a combined GDP of $11.8 trillion and a population of more than 500 million people.
The UK’s accession to the CPTPP has strategic value for Australia and represents the common interest in deepening cooperation in the Indo-Pacific region.
The UK’s accession to the CPTPP builds on the foundations of the Australia-UK Free Trade Agreement, and places the UK firmly within the rules-based trading system of the Indo-Pacific region.
CPTPP members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
TPP members approve the UK’s accession to the free trade agreement
Following successful negotiations, the parties will finalize a draft Treaty Instrument of Accession Protocol and undertake the necessary treaty processes to effect the accession of the United Kingdom.
“We congratulate the UK on the substantial conclusion of its accession to the CPTPP and look forward to the full conclusion of negotiations in the near future,” said New Zealand Trade and Tourism Minister Don Farrell.
The UK’s accession to the CPTPP has strategic value for Australia and represents the common interest in deepening cooperation in the Indo-Pacific region.
“CPTPP members have demonstrated that they can comply with, apply and adhere to the rules and regulations of the Agreement, and have a proven track record of meeting trade commitments,” Minister Farrell explained.
“The UK’s accession to the CPTPP will help make global supply chains more resilient, which will benefit the Australian economy and the economies of all nations that are members of the Association,” he concluded.
