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| UK Business and Trade Secretary Kemi Badenoch signs the protocol to join the CPTPP in Auckland, New Zealand, witnessed by Prime Minister Chris Hipkins. (Source: RNZ) |
According to AFP , the British government announced on July 16 that the country had officially signed the protocol to join the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).
British Business and Trade Secretary Kemi Badenoch signed the document during a ministerial meeting of CPTPP member countries in Auckland, New Zealand, witnessed by host country Prime Minister Chris Hipkins.
With this agreement, the UK becomes the first new member and the first European country to join the CPTPP since the bloc was founded in 2018.
New Zealand Prime Minister Chris Hipkins said the UK's accession to the CPTPP was great news for the region.
Affirming that the agreement "is bringing significant benefits and opportunities for our exporters", Mr. Chris Hipkins said that "by welcoming the UK into the CPTPP family, we will only see the economic opportunities for growth and recovery increase".
The signing of the document is formal confirmation of the agreement reached in March after two years of negotiations.
British Prime Minister Rishi Sunak announced on March 31 that the country will join the CPTPP - the largest trade agreement the UK has entered into after leaving the European Union (EU).
The UK government will take the necessary steps to ratify the agreement, including the parliamentary scrutiny process, while other CPTPP member states complete their own domestic legislation processes.
The CPTPP includes two members of the Group of Seven (G7) leading industrialized nations, Canada and Japan, and long-time British allies Australia and New Zealand, along with Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
According to RNZ , these countries account for more than 500 million people and 12% of global GDP in 2021, and Britain's accession is expected to increase that to 15% - equivalent to $21 million.
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