CPTPP: The UK officially joins at meeting in Auckland

The government's most significant meeting in New Zealand since the pandemic has been held in Auckland today, with the UK officially becoming the first new CPTPP signatory outside the original grouping.

Trade ministers from 12 countries gathered on Sunday to discuss the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The CPTPP is a trade deal of 11 Pacific nations including Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, Vietnam and Malaysia. While 11 nations signed the deal in 2018, it came into force on different dates for each nation according to when they ratified it and deposited their accession documents.

The UK's move to join is the first time a nation who was not part of the original group has joined.

Together the existing 11 members cover a population of more than 500 million people, and accounted for 12 percent of global GDP in 2021, with the UK's accession expected to increase that to 15 percent - $21 million in New Zealand currency.

New Zealand Prime Minister Chris Hipkins said the United Kingdom's accession to the CPTPP was great news for the region.

"Worth $60 billion in two-way trade with partner economies, this agreement is providing significant benefits and opportunities for our exporters. By welcoming the UK into the CPTPP family we will only see those economic opportunities for growth and recovery further increase."

Trade Minister Damien O'Connor said the United Kingdom is a G7 member and the world's sixth-largest economy.

"It is also committed to high standard, rules-based trade, making it a perfect fit for CPTPP.

"Having the UK inside the tent will strengthen the rules-based trading system in our region, benefiting New Zealand exporters, providing greater certainty, and enhancing regional supply chains for trade."