Sweden announced on May 13 that it will propose European Union membership in CPTPP, a 12-nation trade agreement.
Sweden’s proposal aims to strengthen trade ties with Pacific nations and better address U.S. President Donald Trump’s tariff policy.
European Union membership in CPTPP
The European Commission reaffirmed in 2021 its trade strategy. In its Trade Policy Review, it stressed the urgency of diversifying relations and strengthening alliances with like-minded partners. A key option would be to move toward deep integration with CPTPP.
Although the United States remains outside the pact, its trade with member countries shows mixed signals. On the one hand, imports from Vietnam have increased market share in recent years. On the other hand, trade with Japan has remained stable.
CPTPP keeps the door open to new members. But only if they meet its high standards. The United Kingdom was the latest to join. It became a full member on December 15, 2024.
Two blocs
TIPAT is a free trade agreement signed in 2018 between 11 countries.
“If the European Union and CPTPP, as trade groups, come together, it would create the largest free trade area in the world,” Sweden’s Foreign Trade Minister Benjamin Dousa told Reuters by phone from Japan.
“At a time when the United States is increasingly closed and inward-looking, there are good opportunities for Europe to open up to investment and trade,” he added.
These are the CPTPPmembers:
- Australia.
- Brunei Darussalam.
- Canada.
- Chile.
- Japan.
- Malaysia.
- Mexico.
- New Zealand.
- Peru.
- Singapore.
- Vietnam.
- United Kingdom.
On September 16, 2021, China formally applied to join CPTPP. The decision marked a strategic shift in global trade.
Background: Barack Obama’s administration promoted the pillars of the original agreement, known as the Trans-Pacific Partnership Agreement.
However, following the closure of negotiations, then-President Donald Trump decided to withdraw the United States permanently.
Countries that have applied to join CPTPP:
- China.
- Taiwan.
- Costa Rica.
- Ecuador.
- Indonesia.
- Uruguay.
- Ukraine.