CPTPP Ministers Welcome US-Iran Deal, Urge Safe Passage Through Strait of Hormuz

Ministers and representatives of the Comprehensive and Progressive Agreement for Trans-Partnership (CPTPP) bloc have welcomed the recent agreement between the United States and Iran. A key focus of their statement is the critical importance of reopening the Strait of Hormuz and ensuring the restoration of free and safe navigation through this vital waterway.

In a joint ministerial statement, the free-trade bloc underscored the necessity of keeping sea lanes open and secure. They called for the minimization of disruptions to energy trade flows, emphasizing adherence to international law, particularly the UN Convention on the Law of the Sea. The US-Iran peace agreement, signed earlier this month, aims to formally end the war, reopen the Strait of Hormuz to commercial shipping, and initiate further negotiations on Iran's nuclear program and sanctions relief.

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We reaffirm our commitments not to impose unjustified trade restrictive measures, and we call on others to do the same.

The CPTPP ministers acknowledged the significance of trade in fuel, energy products, and other essential goods, including crude oil and natural gas, which pass through the Strait of Hormuz, a route carrying approximately one-fifth of global seaborne oil and liquefied natural gas exports. They reaffirmed their commitment to promoting free and open markets and rules-based trade in these sectors, deeming them essential for the economic security and prosperity of their member economies.

Beyond trade concerns, the CPTPP ministers also made progress on accession matters. They reaffirmed their commitment to formalizing Costa Rica’s accession as soon as possible and welcomed advancements in Uruguay's accession process. Furthermore, the bloc has initiated preparatory discussions with potential new members, including the United Arab Emirates, the Philippines, and Indonesia.

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In this time of crisis for global supply chains, we reaffirm our shared determination to work collectively to address current disruptions, uphold open markets and rules-based trade, and accelerate cooperation on resilience and crisis response.