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Britain Announces Intention to Apply to Join Trans-Pacific Trading Bloc

Posted by MoneyController on 08.02.2021

Next week the UK plans to officially apply to join a trans-Pacific trading bloc. The bloc is set to comprise 11 member states and negotiations are planned to begin this year, the Government said last Saturday. 

Since Brexit, the UK has stated its intention to be part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This would eliminate tariffs on countries like Australia, Canada, Japan, Peru, Mexico, New Zealand and others. Boris Johnson has said that new partnerships would bring major economic benefits to the people of the UK. The government has further affirmed that joining this agreement will remove all tariffs on foods, drinks and cars. It was also mentioned that the technology and services sector would get a nice boost.

Contrary to previous indications, an assessment of the economic benefits of the CPTPP will not be published, according to reports from Reuters. Though, modest gains in economic outputs from other trade deals have been analysed and published.

The negotiations will begin when the British trade minister speaks with counterparts in New Zealand and Japan next Monday, with an official request to be included in the CPTPP agreement. Johnson also added that this union showed the country’s ambition to do business on the best terms with its allies and partners around the world and that they could become a “global free trade champion” in the next few years.

 

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