Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
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The UK will formally request to join an 11-member transpacific trading bloc on Monday, and negotiations are expected to start later this year.
Since Leaving the European Union, Britain has signed bilateral trade agreements of varying depth with seven members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, including Japan, Vietnam and Singapore.
The UK Department for International Trade said it hoped joining the group would build on this to facilitate easier business travel, cut tariffs on UK exports such as whiskey and automobiles and simplify rules of origin so UK manufacturers can use more components listed in paragraph are made. states.
As the first nation not to be a founding member of the group to join the group, Britain is “at the forefront,” said Liz Truss, secretary for international trade. She plans to speak via video call with Japan’s economy minister Yasutoshi Nishimura and Damien O’Connor, New Zealand’s minister of trade and economic growth, on Monday.
Post-Brexit Great Britain
The UK will formally request to accede to the Comprehensive and Progressive Trans-Pacific Partnership Agreement
The international trade department said it would publish an evaluation of the economic benefits of CPTPP membership this spring, despite an earlier promise to release it before filing, allowing more time for parliamentary scrutiny.
The 11 current members of CPTPP account for approximately 13% of the global gross domestic product $ 10.6 trillion, according to the New Zealand government.