Tuesday, November 5

Britain Considers Joining Trans-Pacific Trade Deal

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June 25, 2021-The United Kingdom started talks this week to join one of the world’s largest trade agreements. “The launch of negotiations marks a huge milestone in our accession process, and I look forward to talks starting in the coming weeks,” Liz Truss, UK’s International Trade Secretary, said.

largest free-trade deal, Britain Considers Joining Trans-Pacific Trade Deal, Global Economic Report

CPTPP: 11 Plus One

The government announced the CPTPP talks on Tuesday with much fanfare. Japan’s Yasutoshi Nishimura is leading the talks on behalf of the pact.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a trade pact with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The 11 countries signed it in 2016 after years of negotiating. If Britain joins the 11-nation pact, the CPTPP would grow from accounting for 13 percent of the world’s trade to 16 percent.

Beyond Brexit

With the exit from the European Union behind it, the United Kingdom is busily moving forward with trade talks to open its economy to lower tariffs.

‘Unparalleled Opportunities’

UK Prime Minister Boris Johnson said joining the pact would “open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific.”

Britain recently signed a trade agreement with Japan. UK trade negotiators are also talking with the United States and Australia on bilateral deals.

Read more on the Indo-Pacific here.

Britain Considers Joining Trans-Pacific Trade Deal, Global Economic ReportCopyright secured by Digiprove © 2021 Patti Mohr
largest free-trade deal, Britain Considers Joining Trans-Pacific Trade Deal, Global Economic Report

Patti Mohr

Patti Mohr is a U.S.-based journalist. She writes about global diplomacy, economics, and infringements on individual freedom. Patti is the founder of the Global Economic Report. Her goal is to elevate journalistic principles and share the pursuit of truth in concert with others.

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