- Senator the Hon Tim Ayres, Assistant Minister for Trade
Parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to admit the United Kingdom (UK) as its first new member following two years of negotiations.
The 11 CPTPP parties and the United Kingdom signed an Accession Protocol at the 7th meeting of the CPTPP Ministerial Commission in Auckland today.
Australia warmly welcomes the UK as a new member of the CPTPP. This development builds on the foundations of the Australia-UK Free Trade Agreement, which entered into force on 31 May 2023.
CPTPP membership enhances the UK's engagement in the Indo-Pacific and supports our interest in working with partners to realise an open, inclusive and prosperous region.
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.
An accession working group, established in mid-2021 to progress the terms and conditions for the UK's accession, presented the Accession Protocol and accompanying Accession Working Group report that was approved by consensus today by the Ministerial Commission.
The Commission agreed the UK was able to demonstrate it can meet, implement and adhere to the rules and standards of the Agreement and possessed a track record of complying with trade commitments.
CPTPP members will now complete their domestic processes to bring the Accession Protocol into force. The CPTPP's original members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
CPTPP - Joint Ministerial Statement on the Occasion of the Seventh Commission Meeting [PDF].
Quotes attributable to the Minister for Trade and Tourism, Senator the Hon Don Farrell:
"I congratulate the United Kingdom on becoming the first economy to accede to the CPTPP."
"The accession of the UK to the CPTPP is a major milestone, as it expands the trade partnership beyond the Pacific Rim."
"Australia is strongly committed to ensuring the CPTPP continues as a high-calibre trade framework - a key element to maintaining this high standard is a robust accession process."
Quotes attributable to the Assistant Minister for Trade and Assistant Minister for Tourism, Senator the Hon Tim Ayres:
"The United Kingdom's accession to the CPTPP is a welcome step that will enhance engagement in the region and expand trade and investment opportunities."
"Maintaining the high-quality agreement supports Australia's interests in working with partners to realise an open, inclusive and prosperous region where the rules-based global trading system is respected."
