Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
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The UK will formally apply to join an 11-member trading bloc on Monday, and negotiations are expected to begin later this year.
From upon leaving the European Union, Britain has signed bilateral trade agreements of varying depths with seven members of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership or CPTPP, including Japan, Vietnam and Singapore.
The UK Department for International Trade said it hoped membership of the group would be based on these to facilitate business travel, eliminate tariffs on British exports such as whiskey and cars and simplify rules of origin so that British manufacturers can use more components manufactured in members. states.
As the first non-founding member of the group to try to join, Britain is “at the forefront,” said Liz Truss, secretary of international trade. He plans to speak Monday with Japanese Economy Minister Yasutoshi Nishimura and Damien O’Connor, New Zealand’s Minister of Trade and Economic Growth.
Post-Brexit Britain
The United Kingdom will formally request to join the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership
The international trade department said it would publish an assessment of the economic benefits of joining the CPTPP this spring, despite the previous promise to publish it before the request to allow more time for parliamentary scrutiny.
The current 11 members of CPTPP represent approximately 13% of the value of world gross domestic product $ 10.6 trillion, according to the New Zealand government.