The United Kingdom will apply on Monday to join the CPTPP trading bloc, the British government said on Saturday. According to Prime Minister Boris Johnson, this will bring economic benefits to the British people.
“A year after our departure from the EU, we are forging new partnerships that will bring enormous economic benefits to the British people,” Prime Minister Boris Johnson said in a statement.
The government said joining the free trade agreement, of which all other members are around the Pacific, will lift tariffs on food and drink and cars while helping boost the technology and services sectors. British Trade Secretary Liz Truss speaks with his colleagues in Japan and New Zealand on Monday about a formal request to join the CPTPP, the statement said.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership was concluded in 2018. It originated as a further development of the TPP treaty in which the United States would also participate. In 2017, however, Donald Trump decided that the US would not continue participation.
“Applying to be the first new country to join the CPTPP is a testament to our ambition to do business on the best terms with our friends and partners around the world and to be an enthusiastic champion of global free trade Johnson said.
The CPTPP agreement is currently in force in Mexico, Japan, Singapore, New Zealand, Canada, Australia and Vietnam. Brunei, Chile, Malaysia and Peru have yet to ratify the treaty. Truss previously called the CPTPP countries “one of the most dynamic free trade areas in the world”.
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