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The
decision marks another step in Britain's efforts to pivot away
from Europe, build global influence and form new trading links
with faster growing economies following its exit from the
European Union at the end of 2020.
Japanese Economy Minister Yasutoshi Nishimura told reporters he
welcomed the start of Britain's joining process after hosting an
online meeting of ministers from the 11 countries that make up
the trans-Pacific trade pact.
"The United Kingdom’s potential membership would support the
mutual interests, common values and commitment to upholding the
rules-based trading system shared by the members of the CPTPP,"
the 11 member countries said in a statement.
"It would also promote market-oriented principles and help to
counter protectionism and the use of unjustified trade
restrictive measures."
Membership is seen by British ministers as one of several ways
of building influence in the region to help promote free trade
and act as a counterweight to China - which it accuses of
undermining trade and distorting markets with state subsidies.
The CPTPP removes 95% of tariffs between its members: Japan,
Canada, Australia, Vietnam, New Zealand, Singapore, Mexico,
Peru, Brunei, Chile and Malaysia. Unlike the EU, it does not aim
to create a single market or a customs union, and it does not
seek wider political integration.
The United Kingdom's admission into CPTPP would bring the
nominal gross domestic product of the zone covered by the pact
almost on par with that of the EU, Nishimura said.
British Trade Minister Liz Truss said she welcomed the decision
and would lay out her plans to parliament in the coming weeks.
Britain has yet to publish its economic assessment of the
benefits of joining the pact.
The process begins with the forming of a working party to assess
Britain's compatibility with the deal. Britain said it would
work with Japan, which chairs the group this year, to conduct
the negotiations as quickly as possible.
Britain made a formal request to join the trade deal in
February. It will supplement bilateral deals Britain has, or is
seeking, with member states. Britain struck its first major
post-Brexit deal on trade with Japan last October.
(Reporting by Daniel Leussink and William James. Editing by
Gerry Doyle and Christina Fincher)
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