The Assistant Minister for Trade, Tim Ayres, is in Auckland to attend the 7th meeting of the Commission of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). During his visit, he will also attend the Australia New Zealand Leadership Forum (ANZLF) in Wellington. The ANZLF will highlight the 40th anniversary of the Australia-New Zealand Closer Economic Relations Trade Agreement (CER) which continues to support prosperity and growth in both economies.
Additionally, Australia will participate in the Auckland gathering of the Inclusive Trade Action Group (ITAG) and Global Trade and Gender Arrangement (GTAGA) ministers, with a view to joining these groups, in the pursuit of sustainable, equitable and inclusive trade commitments.
The CER is Australia’s longest standing free trade agreement and foundation of the indispensable trade and economic partnership between Australia and New Zealand. Since its adoption forty years ago, two-way trans-Tasman trade has increased at an average annual rate of around 8%. The agreement remains one of the most comprehensive trade agreements in the world, representing $29 billion in two-way trade, and $185 billion in two-way investment in 2021-22.
As we reported in April, the UK government decided to become the first new, non-founding member, and the first in Europe, to join the CPTPP since it was established five years ago.
The eleven existing CPTPP parties and the United Kingdom signed an Accession Protocol at the 7th meeting of the CPTPP Ministerial Commission in Auckland yesterday (16 July 2023).
This development, which follows two years of negotiations, builds on the foundations of the Australia-UK Free Trade Agreement (UKFTA), which entered into force on 31 May 2023.
A media release from the office of Trade Minister, Don Farrell, says, “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% of tariffs in a trade zone representing a combined GDP of $11.8 trillion and a population of over 500 million people.
CPTPP members will now complete their domestic processes to bring the Accession Protocol for the UK into force. The CPTPP’s original members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
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