Trans-Pacific Partnership bloc agrees to admit UK as 12th member

By Riyaz ul Khaliq

ISTANBUL (AA) – The Trans-Pacific Partnership (TTP) bloc has agreed to admit the UK as a new member, Japan confirmed on Friday.

The decision to admit the UK as the 12th member of the free trade pact grouping was taken at a virtual meeting of ministers.

Japan’s Economic Revitalization Minister Shigeyuki Goto said “it is very significant in terms of further promoting values, such as free trade and an open and competitive market, in and beyond the Pacific region,” according to the Tokyo-based Kyodo News.

Goto is in charge of Japan’s negotiations for the TPP.

The decision to admit the UK as a new member is expected to be approved by the TTP’s regular ministerial meeting scheduled​​​​​​​ for July.

With the inclusion of the UK, the bloc’s overall share in global economic output is expected to rise to 15% from the current 12%.

Besides Japan, the TPP members include Canada, Australia, Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

China and Taiwan have also applied to join the group.