Trans-Pacific trade pact members gathering information on aspiring partners as UK joins the group

[Viet]

The UK has been welcomed as the 12th member of the TPP after a meeting in Auckland. (Reuters: Lucy Craymer)

Key points:​

• The Trans-Pacific Partnership was formed in 2018 between eleven countries, including Australia, New Zealand and Canada
• Britain signed the treaty to become the twelfth member and first new economy to join the trade pact since its formation
• China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join

The comments followed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) meeting in Auckland.

At the meeting, Britain formally signed the treaty to become a member and a decision to review and update the agreement was also made.

Along with China and Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join.

A decision on who will join and when will be made collectively.

"The membership is currently undertaking an information-gathering process on whether aspirant economies can meet the CPTPP's high standards, taking into account their experience on their trade commitments," the members said in a joint statement.

The CPTPP is a landmark trade pact agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

"We continue to discuss how to move forward collectively on accession processes in a way that reflects all our interests and maintains the high standards," the CPTPP statement said.

China's application to join the pact is now next in line if they are dealt with in the order they were received, but the country faces a number of hurdles to be included.

The CPTPP requires countries to eliminate or significantly reduce tariffs, make strong commitments to opening services and investment markets and has rules around competition, intellectual property rights and protections for foreign companies.

Its trade zone represents a combined GDP of $11.8 trillion and a population of more than 500 million people.

Damien O'Connor, New Zealand's trade minister who chaired this CPTPP meeting, said at a press conference there was no time frame for when any decisions on future membership would be made.

"It's a complex area," Mr O'Connor said of membership applications, adding no single country's application was discussed on Sunday.

China has opposed Taiwan's application.

Trans-Pacific trade pact is gathering information on aspiring partners as UK joins the group

As Britain becomes the twelfth member of the regional trade pact, members say they are gathering information on countries such as China and Taiwan to see whether they meet the group's "high standards".

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