UK Formally Signs CPTPP
The U.K. formally signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership July 15. The deal currently has 11 members -- Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam -- and serves as a succeeding trade deal to the Trans-Pacific Partnership following the U.S. withdrawal.
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The U.K. government said it now will seek to ratify the deal in a process that includes "parliamentary scrutiny" and the completion of the other members' legislative procedures. Secretary of State for Business and Trade Kemi Badenoch said the U.K. is using its status "as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country."
Canada welcomed the U.K.'s signature, saying the move will "significantly benefit the Membership." Learning from the U.K.'s accession "will be integral to developing an accession process that is efficient, fair, high quality, and attractive to aspirant economies," the Canadian statement said.