EU and CPTPP Explore Strategic Partnership Amid Trump Tariffs
As Donald Trump re-enters the White House, discussions are resuming on forging a strategic partnership between the EU and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade bloc comprising 12 countries including Canada, Japan, and Mexico. The EU officials and senior diplomats are keen on strengthening ties with the CPTPP following Trump’s announcement of “liberation day” tariffs in April.
The European Commission is cautiously optimistic about the potential collaboration, emphasizing a structured approach towards cooperation with the CPTPP. European Commission president Ursula von der Leyen highlighted the shared goal of promoting fair trade globally and enhancing the functioning of the World Trade Organization.
The proposed partnership aims to cover digital and goods trade, encompassing economies that contribute significantly to global GDP. This initiative signals a commitment to upholding the rules-based trading system, which has been challenged by Trump’s trade policies.
Although a previous attempt to deepen ties in 2023 did not gain traction, a report by Sweden’s National Board of Trade highlighted the potential for the EU and CPTPP to become central players in world trade.
The CPTPP, established in 2018, offers equal treatment for investors and enhanced goods trade integration. While the EU already has bilateral agreements with nine CPTPP members, exploring a broader partnership has garnered support from countries like New Zealand, Canada, and Singapore.
While formalizing the partnership is still in the works, the upcoming Australian elections and EU-Australia trade talks could pave the way for initiating dialogue between the EU and CPTPP. Discussions on enhanced cooperation may also be raised at the Asia-Pacific Economic Cooperation (APEC) meeting in South Korea.
Former EU trade commissioner Cecilia Malmström and other proponents emphasize the urgency of reaching a deal this year to defend rules-based trade. The potential partnership could involve a new code of conduct affirming commitment to WTO rules and dialogue on digital trade and sustainability.
While the EU is not currently considering joining the CPTPP, proposals include exploring areas like rules harmonization and cumulation of rules of origin to facilitate supply chain integration and trade facilitation between the two blocs.
Overall, the EU’s renewed interest in partnering with the CPTPP reflects a shift towards proactive engagement in shaping global trade dynamics, amidst evolving geopolitical challenges.
Additional reporting Nic Fildes in Sydney and Leo Lewis in Tokyo
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