Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

Why is in news? U.K. formally signs up to trans-Pacific trading bloc

The U.K. government hailed what it said was its biggest trade deal since Brexit, as it formally signed a treaty to join a major Indo-Pacific bloc.

Business and Trade Secretary of UK signed the accession protocol for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.

It makes the U.K. the first new member and first European nation to join the bloc since it was created in 2018.

CPTPP:

It is a free trade agreement (FTA) between 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

It was signed in March 2018.

It succeeded the Trans-Pacific Partnership (TPP) after the United States withdrew from the TPP in 2017.

All 11 countries of CPTPP are members of the Asia-Pacific Economic Cooperation (APEC).

APEC:

Asia-Pacific Economic Cooperation (APEC) is a forum of 21 Asia-Pacific economies established in 1989.

Members: Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; the Russian Federation; Singapore; Chinese Taipei; Thailand; the United States of America; Vietnam.

It seeks to promote free trade and economic cooperation throughout the Asia-Pacific region.

The APEC Secretariat, headquartered in Singapore, provides advisory and logistic services as well as research and analysis.

APEC decisions are reached by consensus, and commitments are made on a voluntary basis.