TPP members agree to start process for UK to join, Japan says

[TOKYO] Member nations of a Pacific regional trade deal agreed Wednesday to allow the UK to begin the process to join, Japan's economy minister said.

Yasutoshi Nishimura said the move would strengthen economic ties between the UK and Japan, as well as making the zone covered by the deal equal to the European Union (EU) in terms of economic size. He spoke to reporters after hosting an online meeting of ministers from the 11 countries who make up the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Japan has been supportive of the UK's efforts to seal global trade deals following its exit from the EU. The two countries reached a bilateral trade agreement last year.

The UK made its formal application to join CPTPP in February. Becoming a member would accelerate the UK's growth in export trade with faster-expanding Asian economies, according to Bloomberg Intelligence analyst Mike Dennis.

BLOOMBERG