In a statement, Prime Minister Boris Johnson has said “We are forging new partnerships that will bring enormous economic benefits for the people of Britain.” Britain will next week formally apply to join a trans-Pacific trading bloc of 11 countries, with negotiations set to start later this year, the government said on Saturday. Flora Bradley-Watson reports.
Britain made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Monday, seeking membership of the 11-country deal to open new vistas for post-Brexit trade.
Announcing the move, trade minister Liz Truss said it would position Britain "at the heart of some of the world's fastest-growing economies". The request comes on the first anniversary of Britain's formal departure from the European Union before a transition period that ended at the end of 2020.
Britain is now adapting to the new terms of trade with the European Union, where frictionless trade has been replaced with a thin agreement that, in many cases, is making exporting to the European Union more complicated and expensive
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) removes 95 percent of tariffs between its members like Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile, and Malaysia.
Britain has argued that the principal benefit of leaving the European Union is the freedom to strike trade deals around the world, and is moving quickly to try and find a consensus on the need to revitalize global trade after a period of increased nationalism.
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