On Wednesday, members nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially agreed to allow the United Kingdom to start the process of joining the pact, said Japan’s economy minister in a statement.
Welcoming the start of Britain’s joining process, said Japan’s Economy Minister Yasutoshi Nishimura, after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact.
“I think there’s a big meaning to this from a strategic viewpoint of strengthening economic relations between Japan and the United Kingdom,” said Nishimura while adding, the UK’s admission into the pact would bring the nominal gross domestic product of the zone almost on par with that of the European Union.
“The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world,” said the 11 member countries in a statement.
Britain had made a formal request to join the pact in February. The CPTPP removes 95% of tariffs among its members which are, Australia, New Zealand, Japan, Canada, Mexico, Vietnam, Brunei, Singapore, Peru, Chile and Malaysia.