Considering the geopolitical uncertainties, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) members need to maintain its solidarity and unity as well as take advantage of the accession process to broaden market access, diversify trade linkages and ensure the supply chain remains resilient to shock, Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said.
In view of this, Brunei Darussalam reaffirms its commitment to work closely with all parties to ensure CPTPP remains the gold standard and continues to mutually benefit the economies, he said during the Eighth Meeting of the CPTPP Commission from November 26 to 28 in Vancouver, Canada.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew said United Kingdom’s (UK) accession into the CPTPP provides an avenue for greater collaboration and deepening of bilateral trade relation, since CPTPP will become the first Free Trade Agreement established between Brunei Darussalam and the UK.
The meeting was chaired by Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng as the Chair of the Commission this year.
The CPTPP commission welcomed the UK as the 12th member of CPTPP. The Protocol on the Accession of the UK of Great Britain and Northern Ireland to the CPTPP will enter into force on December 15 for the UK, Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia and Brunei Darussalam. Meanwhile, it will enter into force for Australia on December 24.
The CPTPP commission also welcomed the outcomes achieved under Canada’s chairmanship priorities this year – progressive stewardship; comprehensive utilisation; and developing an effective path forward on accessions.
In ensuring that the agreement remains fit for purpose and addressing emerging and new challenges to the evolving trading system, the commission endorsed the Interim Report by Senior Officials to Ministers on Progress on the General Review of the CPTPP.
The commission called on the senior officials to advance the work on the General Review and to report on the progress by the next Commission Meeting in 2025. Following the UK’s successful accession to CPTPP, the CPTPP Commission agreed to establish an Accession Working Group (AWG) for Costa Rica’s accession to the CPTPP.
The AWG will be chaired by Peru, with Canada and New Zealand as vice-chairs. At the same time, CPTPP continues to remain open and welcome accession by aspirant economies that can meet the three Auckland Principles. – James Kon
