Part 8/12:
The UAE’s bid is historic as the first Middle Eastern country seeking CPTPP membership. This aligns with its broader economic reform agenda aimed at reducing oil dependency and diversifying its economy. The UAE has already signed trade agreements with Australia and Malaysia and is negotiating with Japan.
Expansion hinges on unanimous approval among existing members. If successful, the addition of these nations could bolster the bloc’s role as a pivotal force in global trade, currently representing about 15% of the world's GDP. However, most member countries are net exporters, with limited markets of large domestic consumption—primarily Australia, the UK, and New Zealand. Therefore, despite the increased openness, the US remains the largest and most lucrative market for many.