Asia Trade Pact Members ‘Taking Our Time’ With UK Application to Join, Canada Says

The UK’s bid to join one of Asia’s big trade pacts will take a bit longer, according to the Canadian trade chief.

Mary Ng, Canadian minister of international trade, export promotion, small business and economic development, said the 11-economy Comprehensive and Progressive Agreement for Trans-Pacific Partnership is still mulling the first new-member application.

“We’re taking our time to make sure we do get it right with our first accession” of the UK, Ng told Bloomberg Television’s Kathleen Hays and Haidi Stroud-Watts on Monday in Singapore.

Asked about the interest expressed by both China and Taiwan in joining the CPTPP, Ng said: “This is a high-standard agreement. We welcome those wishing to join to meet those high standards.”

Ng noted that trade flows with Asia-Pacific have outpaced Canada’s other trading partners -- all demonstrating that the CPTPP is “an agreement that really works.” Two-thirds of the Canadian economy is dependent on trade, she said.

Ng also underscored that the pact’s standards around environment and labor remain critical for Canada, which originated the push to add “Comprehensive and Progressive” to its name and agenda.

“Who doesn’t think about the global economy today without thinking about how we can transition into a greener, more digital economy,” she said.

Ng was in Singapore for meetings among members of the CPTPP, a trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. 

Several other economies have expressed interest in joining the pact, including China and Taiwan. The UK’s accession bid has been first in line, with Singapore’s trade minister Gan Kim Yong saying Saturday that discussions are ongoing regarding the UK entry. 

Last week, Malaysia became the ninth country to ratify the pact, which will take effect Nov. 29 there. Only Chile and Brunei have yet to allow the CPTPP to take effect in their countries.

Here are some other comments from Ng during the interview:

• On the OECD-led global tax agreement: “We are working very hard and very focused” through OECD and “hoping that what we will get at is a conclusion of this multilateral agreement”
• On some economies’ efforts to counter China: “It is really important that we continue to diversify and provide opportunities for our” exporters. Looking into “high-growth” markets and opportunities in the digital economy