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.
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.
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