UK membership to CPTPP will bring mutual benefits | International

The minister of Japan for economic revitalization, Yasutoshi Nishimura (Source: Kyoto / VNA)

Tokyo (VNA) – The accession process of the United Kingdom The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) registered positive signs as it received strong support from the partners in that treaty.

Japan’s minister for economic revitalization, Yasutoshi Nishimura, reported that senior officials from the 11 CPTPP member countries will attend a virtual meeting tomorrow to discuss the European country’s application for membership.

Tokyo is working closely with London in taking necessary steps to accelerate the progress of the negotiations, he added.

After the United Kingdom left the European Union (Brexit), that country promoted negotiations to enter the CPTPP.

The UK officially applied to join the CPTPP on February 1, 2021. After several bilateral meetings, at the beginning of last June, the member nations of the pact agreed to start negotiations on the accession of London.

In a recent statement, British Prime Minister Boris Johnson stated that joining the CPTPP is a great opportunity to bring economic benefits to his country. Meanwhile, the Minister of International Trade, Liz Truss, also considered that the participation of her nation in said agreement would be an important result in the post-Brexit period.

International analysts valued that London’s adherence to the CPTPP is part of its post-Brexit, towards the economies that are geographically more distant, but that enjoy a vertiginous economic growth.

At the same time, a member like the United Kingdom will provide common benefits to other members of the CPTPP, as it would become the second largest economy in the pact, after Japan. The share of the CPTPP economies in world economic output would be 13 to 16 percent after the accession of London./.

VNA

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