Sweden to propose EU membership of Pacific rim free trade group CPTPP
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the world's largest free trade area in response to U.S. President Donald Trump's tariff policies.
Swedish Minister for Foreign Trade Benjamin Dousa announced the proposal during a trade trip to Japan, stating that linking the EU with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would provide significant economic opportunities.
"If the EU and the CPTPP as trade groups link together, it would create the biggest free-trade area in the whole world," Dousa told Reuters. "At a time when the U.S. is closing itself off more and more and becoming inward-looking, there are good opportunities for Europe to open itself up to investment and trade."
The CPTPP, formed in 2018, includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK joined the pact last year, and China has also expressed interest in joining.
Sweden's proposal was tabled at a meeting of EU foreign ministers in Brussels on Thursday. However, Dousa acknowledged that some member states, including France, may resist the idea due to protectionist concerns, particularly in the agricultural sector.
While negotiations could take time, Dousa suggested a phased approach that would allow sector-specific agreements to be implemented more quickly.
"For Sweden, this is existential," he said. "If we want to afford our healthcare, schools, and social services, our exporters must have more markets to sell to."
The EU already has or is negotiating trade agreements with most CPTPP members, but a broader pact could deepen market access and offset the impact of U.S. trade restrictions.
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