31 January 2021
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“England” is preparing to apply for the CPTPP free trade agreement next week, making it the first member country outside of the Asia-Pacific region.
The British Ministry of Trade announced yesterday (30 Jan) that England Will apply to participate in theAgreed Pacific Economic Partnership (CPTPP) officially next week, with British Trade Minister Liz Truss to discuss with the Japanese trade minister. And New Zealand on Monday morning. Before formal negotiations begin later this year.
England will become the first new country to join the CPTPP since the coalition was inception in 2018, and the UK will be the first non-Asia Pacific member country today. CPTPP is made up of 11 members in the terrestrialPacific These include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam and cover approximately 13% of the world’s GDP.
Britain’s Prime Minister Boris Johnson said in a statement: Applying to CPTPP represents “Our aim is to do business with friends and partners around the world on the best conditions”.
Announcement of joining the agreement CPTPP It comes a year after Britain leaves the European Union (METhis allows the British government to freely enter into free trade agreements with countries outside the EU.
Britain entered into a bilateral free trade agreement with Japan in October last year. After five months of negotiations, the British-Japan trade agreement came into effect on Jan. 1 this year.
The Kyodo news agency reported that China, South Korea and Thailand are also interested in participating in the CPTPP agreement, and the United States has joined the negotiations and is one of the 12 signatory parties. It was until former President Donald Trump led the United States to withdraw from the bloc in 2017 before the remaining member states ratified the deal at a later time.
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