Australia welcomes substantial conclusion of UK’s CPTPP accession
The Australian Government welcomes the substantial conclusion of negotiations on the United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is one of the most comprehensive trade deals ever concluded, eliminating 98 per cent of tariffs in a trade zone representing a combined GDP of $11.8 trillion and a population of over 500 million people.
The UK’s accession to the CPTPP is of strategic value to Australia and represents our shared interest in deepening cooperation in the Indo-Pacific region.
The UK’s accession to the CPTPP builds on the foundations of the Australia-United Kingdom Free Trade Agreement, firmly placing the UK within the Indo-Pacific region rules-based trading system.
CPTPP members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Following successful negotiations, the Parties will finalise a draft Accession Protocol treaty instrument and undertake necessary treaty processes to effect UK accession.
Read the Joint Ministerial Statement on the UK’s accession.
Quotes attributable to the Minister for Trade and Tourism, Senator the Hon Don Farrell:
“We congratulate the UK on the substantial conclusion of its accession to the CPTPP and look forward to full conclusion of negotiations in the near future.”
“Members of the CPTPP have demonstrated they can meet, implement and adhere to the rules and standards of the Agreement, and have a demonstrated track record of complying with trade commitments.”
“The UK’s accession to the CPTPP will contribute to more resilient global supply chains, benefiting the Australia economy and the economies of all nations who are members of the Partnership.”