Update on the CPTPPA Agreement

On the international trade front the CPTPP is Australia’s key regional trade agreement (RTA) that anchors modern trade and investment rules in a significant market access arrangement. The CPTPP’s attractive power has led three countries to apply for membership, notably the United Kingdom, China and Taiwan whereas South Korea is actively considering an application.

China’s bid has attracted considerable attention, not least owing to its trade tensions with Australia. CPTPP members, including Australia, are considering these expressions of interest and how best to respond.

In the event with IIT, First Secretary Bowes highlighted that all accession candidates would have to meet the same strict criteria of the CPTPP, as well as have a good record upholding multilateral trade rules. We heard that the United Kingdom CPTPP application is progressing, and that there are commonalities with the newly signed UK-Australia bilateral FTA and existing CPTPP requirements.

The IIT would like to extend its thanks to our guest for sharing insights on the importance to Australia of fostering a modern, rules-based RTA, as well as the progress being made with its CPTPP partners.