Ukraine to join one of the largest global trade blocs
Photo: EPA

President Volodymyr Zelenskyy created a delegation for negotiations on Ukraine's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11), according to his order No. 80/2023.

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Ukraine expects to join the Trans-Pacific Partnership in early 2024 or even by the end of 2023.

"This will give Ukraine the opportunity to liberalize non-tariff restrictions on trade in goods and services with the countries of this region, as well as open access to new sales markets. In addition, it will allow us to expand access to direct foreign investments," Minister of Economy Yulia Svyrydenko explained the interest of Ukraine.

Expanding business ties is also important from the point of view of countering Russia's aggression.

Ukraine is going to become the second European country after United Kingdom to join this agreement.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11) was signed in 2018 by eleven countries: Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile, and Japan.

The TPP-11 is a trading bloc of about half a billion people with a combined gross domestic product of more than $11 billion in 2021.

Trans-Pacific Partnership countries mainly export electronics, machinery, automobiles and mineral fuels

The creation of the Trans-Pacific Partnership was initiated by the United States under President Barack Obama, but his successor, Donald Trump, signed a decree on the withdrawal of the United States from the agreement. After that, the remaining 11 countries renegotiated it without the participation of the United States.