Uruguay joins Trans-Pacific trade partnership

China still aspires to join the group, but it must overcome major political hurdles first in order to meet its standards. KEY CONTEXT: • The bloc's members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam. • In 2023, the member nations of the Trans-Pacific Partnership (CPTPP) accounted for 15% of total global trade.

Uruguay has been accepted into the Trans-Pacific trade partnership, joining the 12 economies that comprise the pact, the Ministry of Foreign Affairs said early on Friday morning on X. Uruguay's accession to the major Asia-Pacific trading bloc brings the country closer to other international economies. China still aspires to join the group, but it must overcome major political hurdles first in order to meet its standards.

KEY CONTEXT: • The bloc's members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam.

• In 2023, the member nations of the Trans-Pacific Partnership (CPTPP) accounted for 15% of total global trade. • Between 2022 and 2024, the CPTPP accounted for about 9% of Uruguay's exports of goods, valued at $1.1 billion.

• The trade pact encompasses a market of over 595 million people. • China applied to join the CPTPP in 2021.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)