Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
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The UK will formally request on Monday to join a transparent 11-member trading bloc, and negotiations are expected to begin later this year.
Since leaving the European Union, Britain has signed bilateral trade agreements of various depths with seven members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, including Japan, Vietnam and Singapore.
The UK Department of International Trade has said it hopes the accession to the group will continue to facilitate easier business travel, eliminate tariffs on UK exports such as whiskey and cars, and simplify the rules of origin so that UK manufacturers can use more components manufactured in the member. state.
As the first nation not to be a founding member of the group trying to join, Britain is ‘at the forefront’, said Liz Truss, secretary of international trade. She plans to speak via video to Japanese Economy Minister Yasutoshi Nishimura and Damien O’Connor, New Zealand’s Minister of Trade and Economic Growth, on Monday.
Post-Brexit Britain
The UK will formally request to join the Comprehensive and Progressive Trans-Pacific Partnership Agreement
The Department of International Trade has said it will publish an assessment of the economic benefits of CPTPP membership this spring, despite an earlier promise to make it public before applying for more time for parliamentary inquiry.
The 11 current members of CPTPP are responsible for about 13% of the global gross domestic product According to the Government of New Zealand, they are $ 10.6 billion.