TOKYO — The U.K. joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, marking the first expansion of the trade agreement, which evolved from the Trans-Pacific Partnership (TPP) and was founded in 2018. The U.K., the pact’s 12th member, is the first member from Europe.
The CPTPP covers not just tariffs on goods but aims to promote free trade in services and liberalize investment as well. The total population of the region will increase from 510 million to around 580 million with the participation of the U.K. The grouping’s gross domestic product will reach 15% of the world’s total, up from the current 12%. China, Taiwan, Ukraine and other economies have applied for membership.