Britain to Begin Talks to Join Trans-Pacific Trade Agreement

Britain and 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are starting talks to discuss the country’s membership to the trade pact. UK sees the membership as a big win in terms of international trade in its post-EU future.

The pact removes 95% of tariffs between its members; Australia, Japan, Canada, New Zealand, Peru, Mexico, Singapore, Vietnam, Brunei, Chile and Malaysia. As a post-Brexit move, Britain has been working to find new markets for its premium consumer goods and professional services industries. Britain has already made some trade deals with some countries, but getting a multi-nation deal like that would be a bigger step towards its goals.

The eleven members of the pact have already started to discuss Britain’s membership, but for the first time, Britain will also attend the UK Accession Working Group’s virtual meeting, chaired by Japan, on Tuesday.

Britain’s Secretary of State for International Trade Anne-Marie Trevelyan said joining the CPTPP was a big opportunity to forge stronger links with old friends and make new alliances with some of the world’s fastest growing markets. According to the British Government, joining the pact would add 1.8 billion pounds to the economy in the long term.

While the number seems minuscule in terms of exports and growth, it provides easier market access for Britain, in a region where China has become the dominant economic force recently.

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