CPTPP

CPTPP

News: Recently, U.K. government signed the accession protocol for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.

Background:
• It makes the United Kingdom the first new member and first European nation to join the bloc since it was created in 2018.

About CPTPP:
• The CPTPP agreement is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a free trade agreement (FTA) between 11 countries in the Asia-Pacific region: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
• It evolved from the Trans-Pacific Partnership (TPP), which was never ratified due to the withdrawal of the United States in 2017.
• The CPTPP is one of the world’s largest free trade areas by GDP, representing 13.4% of global gross domestic product.
• The CPTPP aims to promote economic integration and cooperation among its members by reducing tariffs and non-tariff barriers, enhancing market access, strengthening rules-based trade, and fostering inclusive and sustainable growth.