16:15 | 01/08/2018 Global Economy
Japan’s economy revitalization minister Toshimitsu Motegi has welcomed the UK’s expression of interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Kyodo News.
|Japan’s economy revitalization minister Toshimitsu Motegi - Photo: Kyodo/VNA|
The Japanese news agency reported that during talks in Tokyo, International Trade Secretary Liam Fox expressed the UK's desire to join the TPP, and Japan offered to provide necessary information and to act as an intermediary.
Kyodo quoted Motegi as saying at the outset of the talks that the UK’s expression of interest in joining the CPTPP is a great encouragement to the CPTPP’s members’ efforts to attach importance to a free trade system based on rules and to fight protectionism.
Motegi told reporters after the meeting that Britain's participation would help promote multilateral trade systems that are "free, fair and rules-based."
The pact, signed in March, will enter into force 60 days after at least six signatories complete necessary domestic procedures, and only then can talks begin on including additional members.
Japan, Mexico and Singapore have ratified the pact, and New Zealand, Australia and Vietnam are expected to follow within this year.
Other CPTPP members are Brunei, Canada, Chile, Malaysia and Peru. Altogether, the members account for about 13 percent of the world' total gross domestic product.
Aside from the UK, Thailand, Indonesia, Colombia, the Republic of Korea and Taiwan have also indicated interest in joining the framework.