The United Kingdom will soon formally apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trans-Pacific trading bloc of 11 countries, with talks scheduled to begin later this year, the government said recently. Joining CPTPP would remove tariffs on food, drinks and cars, while helping to boost the technology and services sectors, it said.
Since leaving the European Union, the United Kingdom has made expressed its desire to join the CPTPP, which removes most tariffs between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.The UK will soon apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trans-Pacific trading bloc of 11 nations, with talks scheduled to begin later this year, the government said. Joining CPTPP would remove tariffs on food, drinks and cars, while helping to boost the technology and services sectors, it said.#
"One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain," Prime Minister Boris Johnson said in a statement.
British trade minister will speak to counterparts in Japan and New Zealand on Monday with a formal request to join CPTPP, global newswires cited the statement as saying.
Previous government economic analyses of Brexit have pointed to small boosts to economic output from additional trade deals.
"Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade," Johnson said.
Fibre2Fashion News Desk (DS)
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