01/11/2018 14:50 GMT+7 Email Print Like 0

UK welcomes CPTPP’s becoming effective soon

UK International Trade Secretary Liam Fox on October 31 welcomed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)’s taking effect later this year.

CPTPP is the new name of the Trans-Pacific Partnership Agreement (TPP) with 11 signatories after the US’s withdrawal.

“Fantastic to see news today on the Trans-Pacific Partnership - a further milestone in the spread of global, rules-based trade,” Liam Fox wrote on Twitter.

The UK has shown its interest in joining the agreement after leaving the European Union.

Leaders from CPTPP member countries, including Japanese Prime Minister Shinzo and Australian PM Scott Morrison, have welcomed the UK considering joining the partnership, he added.

The CPTPP is one of the most comprehensive trade deals ever concluded, which will strip 98 percent of tariffs for 11 countries with a combined GDP of more than 10 trillion USD, or 13.5 percent of the world’s, and a market of close to 500 million consumers.

It was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.

It is expected to take effect on December 30 this year after Australian Prime Minister Scott Morrison announced on October 30 that his country had ratified the agreement.

Foreign media quoted Morrison as saying that Australia is the sixth country coming on board, adding that the CPTPP is one of the most comprehensive and ambitious trade agreements in Australia's recent history.

Meanwhile, Minister for Trade and Export Growth of New Zealand David Parker said Australia's ratification triggers the 60-day countdown to entry into force of the agreement and the first round of tariff cuts.

Previously, Mexico, Japan, Singapore and New Zealand and Canada had ratified the CPTPP. Vietnam’s National Assembly will also vote on the pact in its on-going sixth session.
VNA/VNP