Britain formally signed up to the CPTPP trade deal at a ceremony in Auckland today expanding the partnership that includes New Zealand to cover 15 per cent of the world’s GDP, with six more countries having applied to join, including recently China and Ukraine.

British Secretary of State for Trade Kemi Badenoch signed Britain’s formal accession to join what has until now been a pact among 11 countries of the Asia-Pacific region, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Trade ministers of the now 12 member countries are meeting today as the CPTPP Commission, chaired by New Zealand Trade Minister Damien O’Connor. New Zealand is the chair this year of CPTPP.

The other members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam. The United States was originally part of the group but it pulled out in 2017 after Donald Trump was elected president.

Current US President Joe Biden has shown no interest in rejoining it.

The six countries in the queue and their dates of application are:

• China – September 16, 2021
• Chinese Taipei – September 22, 2021
• Ecuador – December 17, 2021
• Costa Rica – August 10, 2022
• Uruguay – December 1, 2022
• Ukraine – May 5, 2023

Britain applied to join CPTPP in February 2021. Its Government will now seek to ratify the agreement.

Badenoch was an unsuccessful leadership contender to replace former prime minister Boris Johnson when he resigned. Speaking ahead of the signing, she said the deal would be a big boost for British business and deliver billions of pounds in additional trade, as well as opening up huge opportunities and unparalleled access to a market of more than 500 million people.

 “We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country.”

The accession follows some major trade gains by O’Connor, who finalised a trade deal with the UK last year and has recently signed another between New Zealand and the European Union.

O’Connor said the proportion of exports now covered by FTAs has increased to 73.5 per cent, up from only 52.5 per cent.

“CPTPP economies represent $17.3 trillion of global trade and our membership has saved Kiwi businesses $300 million in tariffs in just the first two years.”

The commission meeting is expected to discuss the process for accession of the other countries in the queue.