British flag unfurled in front of the British Parliament (Photo: Hannah McKay / Reuters)
The member states of the Comprehensive and Progressive Agreement on the Trans-Pacific Partnership (CPTPP, abbreviated in English) agreed on Wednesday, allowing Japan to begin the process of joining the agreement, Japan’s economic minister said.
The decision marks another step in the UK’s efforts to move away from Europe following its exit from the EU in late 2020, to build global influence and forge new trade relations with fast – growing economies.
Japan’s Economy Minister Yasutoshi Nishimura told reporters that he welcomed the launch of the UK access process after an online meeting of ministers from 11 countries that will draft a trade agreement.
“The potential UK member will support the commitment to maintain the trade system based on mutual interests, common values and rules shared by CPTPP members,” the 11 member states said in a statement.
British ministers have been accused of undermining trade and distorting markets with government subsidies – one of the many ways to promote free trade and counter-China, and to increase influence in the region.
British Commerce Minister Liz Truss welcomed the decision and said he would present his plans to parliament in the coming weeks.
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