The United Kingdom (UK) officially signed a treaty on Sunday to join the major trans-Pacific trade agreement, making it the first new member to do so since the pact’s establishment in 2018. This development opens the pathway for the member nations to consider other applications, including those from China and Taiwan.
The signing occurred within the framework of a meeting for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) held in New Zealand. Ministers from member nations are set to convene later today to discuss a range of topics including how to proceed with new applications and review the agreement itself.
British Minister for Business and Trade, Kemi Badenoch, expressed joy over the UK’s new membership during the signing ceremony. She highlighted the progressive and ambitious nature of the agreement, stating, “Our membership in this exciting, wonderful, and forward-looking bloc is a testament to the fact that the UK’s doors are open for trade.”
The UK government still needs to ratify the agreement, which will make Britain the twelfth member of the pact aimed at reducing trade barriers. The move signifies Britain’s efforts to deepen its relationships in the Pacific following its exit from the European Union in 2020.
Several other nations including China, Taiwan, Ukraine, Costa Rica, and Uruguay have submitted applications to join the agreement. This could potentially expand the scope of the pact and redefine the dynamics of international trade.
