TOKYO, June 2 — Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership today agreed to allow Britain to start the process of joining the pact, Japan’s economy minister said.
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. “It would also promote market-oriented principles and help to counter protectionism and the use of unjustified trade restrictive measures.”
The CPTPP removes 95 per cent 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.
Source: Financial Digest (financialdigest.net)
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