Ukraine Submits Request to Join CPTPP Free Trade Pact

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a comprehensive free trade pact that was signed by Pacific Rim countries seeking to boost trade and investment flows while promoting economic growth and job creation.

Ukraine has officially applied to join the CPTPP, a Japanese TV channel reported. The application was announced by New Zealand, which currently holds the presidency of the organization.

Kiev announced its intention to join the agreement in May and intends to strengthen economic ties with the member countries, according to the channel. However, Ukraine's accession to the CPTPP requires the approval of all 11 countries.

In mid-July, a ministerial meeting of CPTPP member countries is expected to discuss the issue of Ukraine's participation in the association.

The Trans-Pacific Partnership Agreement was signed in February 2016 between 12 countries in the Asia-Pacific region, including the United States. As part of the agreement, it was planned to create a free trade zone in the Asia-Pacific region. However, after Donald Trump won the 2016 presidential elections, the US promptly withdrew from the agreement. Subsequently, 11 TPP countries - Canada, Australia, New Zealand, Singapore, Malaysia, Brunei, Vietnam, Japan, Mexico, Chile and Peru - formed the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), signed and sealed in Chile on March 8, 2018. The combined GDP of the 11 members is $11 trillion.