Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - May 2025
On 16 May 2025 CPTPP Parties met in Jeju, Republic of Korea, in the margins of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade conference. Those present comprised Ministers and representatives of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam.
The meeting provided a strategic mid-year point to assess CPTPP’s objectives for 2025 and agree ambitions for the coming year. Following the meeting CPTPP Parties issued a Joint Ministerial Statement, which covers the following important areas:
Trade and Investment Dialogues with the EU and ASEAN (Association of Southeast Asian Nations)
In light of increasing challenges across the global economic landscape, CPTPP Parties welcomed the opportunity to advance the Trade and Investment Initiatives identified in the Vancouver Statement published in November 2024, through agreement to pursue dialogues with the EU and ASEAN. These dialogues would aim to promote shared trade and investment interests and reinforce CPTPP’s role in the global economic architecture, and CPTPP Parties committed to pursuing them as soon as possible in 2025.
The General Review
Parties noted progress with the CPTPP General Review and highlighted the importance of officials providing recommendations before the end of the year on ways to update and enhance the agreement. Areas of strong UK interest, such as e-commerce and financial services, remain at the forefront of the Review.
Future Accessions to CPTPP
Parties discussed the importance of CPTPP’s continued expansion and welcomed the progress made on Costa Rica’s accession process.
Next Steps
We welcome the conclusions reached in the Jeju Joint Ministerial Statement and will continue working closely with CPTPP Parties to drive significant economic and strategic gains from our CPTPP membership, whether that be as we widen the agreement through accessions, deepen it through the General Review, or build bridges with key partners across the world through establishing new dialogues.
CPTPP Ministers will convene again towards the end of this year for the CPTPP Commission Meeting under Australia’s Chairship, and I look forward to keeping the House updated with further developments.