The government of Japan indicated that it will facilitate the United Kingdom‘s entry into the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP or TPP-11).
Overall, the CPTPP is a free trade agreement between Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, which came into effect on December 30, 2018.
Canada, Australia, Japan, Mexico, New Zealand and Singapore were the first six countries to ratify the agreement.
For Vietnam, its validity began on January 14, 2019 and for Peru, on September 19, 2021. The three remaining members (Brunei, Chile and Malaysia) have not yet ratified the agreement.
After the UK formally requested to join the CPTPP on February 1, 2021, Japan, as chair of the TPP-11 Committee for this year, reported that it intends to facilitate the process of starting negotiations in accordance with the application procedures. and in cooperation with the other members.
For its part, Japan signed an agreement to join the Trans-Pacific Partnership, or TPP-11, on February 4, 2016.
Following the ratification of the CPTPP, Japan and the other participating countries planned not only to eliminate tariffs on products, but also to liberalize services and investment, and establish standards in a wide range of fields, including intellectual property, electronic commerce and environment.
Although Japan ratified the TPP-11 on January 20, 2017, the United States announced its formal withdrawal from this trade agreement on January 23, 2017.
On March 8, 2018, Japan and 10 other countries, excluding the United States, signed the CPTPP, by virtue of which each signatory country agreed to initiate the necessary preparations for its implementation.
Japan has also entered into economic association agreements, or EPAs, with several countries, including Singapore, Mexico, Malaysia, Chile, and Thailand.
As of February 2021, Japan had signed a total of 21 EPAs (including the CPTPP) with 23 countries and the EU.
In accordance with the EPAs, Japan will cooperate comprehensively with counterparts to, among other things, reduce or eliminate tariffs, grant most-favored-nation status in the fields of investment, services, and government procurement, and accelerate patent review and enhance the protection of patents in the country.