The newly signed free trade agreement between Japan and the United Kingdom will facilitate the latter's accession to the Trans-Pacific Partnership (TPP), UK Secretary of State for International Trade Elizabeth Truss said on Friday
TOKYO (Pakistan Point News / Sputnik - 23rd October, 2020) The newly signed free trade agreement between Japan and the United Kingdom will facilitate the latter's accession to the Trans-Pacific Partnership (TPP), UK Secretary of State for International Trade Elizabeth Truss said on Friday.
Earlier in the day, Truss and Japanese Foreign Minister Toshimitsu Motegi signed the bilateral trade agreement, which is in principle similar to that between Japan and the European Union, from which the United Kingdom withdrew on January 31.
"The agreement also has a much wider strategic significance. It opens a clear pathway to membership of the Comprehensive Trans-Pacific Partnership - which will open new opportunities for British business and boost our economic security - and strengthens ties with a like-minded democracy, key ally and major investor in Britain," Truss said following the signing ceremony.
Motegi, in turn, noted that the Japanese side welcomed the UK's interest in joining the TPP.
"In the future, Japan intends to continue to provide the necessary assistance on this issue, including information," the Japanese diplomat said.
The TPP was signed in 2016 and came into force on December 30, 2018. Originally it brought together 12 Pacific Rim nations, including the United States. However, US President Donald Trump, who repeatedly criticized TPP during his 2016 election campaign, withdrew the country from the deal in 2017, arguing that poorly negotiated trade agreements were harmful to the US job market.
Following the US withdrawal, the 11 remaining nations continued their efforts to create a free trade zone. On March 8, 2018, the foreign ministers of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam signed the revised version of the TPP.
