TPP11 countries, close to accepting the accession of the United Kingdom, according to Tokyo

The member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, also known as TPP11) are finalizing an agreement to accept the accession of the United Kingdom, Japanese government sources told the local news agency Kyodo.

The eleven member countries are expected to give their approval to the British accession throughout this year, and if confirmed, it would be the first expansion of the treaty to a country that was not among its founding members, according to the same sources.

The accession must be approved by all the members of this treaty that covers a market of almost 500 million people, 13% of the world GDP, and is one of the largest free trade agreements in the world.

The CPTPP, sealed in 2018, includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Initially it had the United States, but this country abandoned the project in 2017 by decision of former President Donald Trump, which is why it is also known as TPP-11.

The United Kingdom began the process to join the treaty in 2021, becoming one of its key trade strategies after leaving the European Union, and being the first non-Pacific country to apply for membership.

China, Taiwan and Uruguay have also started the process of accession to the trans-Pacific agreement.

Source: EFE