The United Kingdom has taken a step toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP. The 11 current members have reached a broad agreement at the ministerial level.

Japanese Economic Revitalization Minister Goto Shigeyuki and his counterparts from the other member countries met online on Friday morning, Japan time. Goto said, "I think this is very significant to further promote the principles of free trade, an open and competitive market, a rules-based trade system, and economic integration beyond the Pacific Rim."

The CPTPP took effect in 2018. The UK will be the first new signatory following the original 11, which include Australia, Canada and countries in the Asia-Pacific.

London applied to join the pact in 2021, a year after it left the European Union.