Japan aims to expand CPTPP trade pact
Japanese Prime Minister Yoshihide Suga recently said his country wants to expand the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). “Japan will aspire for the Free Trade Area of the Asia-Pacific through the early conclusion of the RCEP agreement and the steady implementation and expansion of the CPTPP as next year’s chair,” Suga said.
The CPTPP links 11 countries.
Suga made the statement in a pre-recorded video message delivered at the Asia-Pacific Economic Cooperation (APEC) Chief Executive Officers Dialogues.
RCEP, or the Regional Comprehensive Economic Partnership, is the world’s largest free trade deal signed this month by 15 economies, while the Free Trade Area of the Asia-Pacific is potentially an even larger pact the 21-member APEC has been aspiring to.
A Chinese commerce ministry spokesman said China is open to the idea of joining the CPTPP, while the United Kingdom earlier this year announced its intent to pursue accession to the pact.