The United Kingdom shall apply to enter into a Trans-Pacific Free Trade Agreement, namely Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP), announced the British Ministry of International Trade in a statement on Saturday.
International Trade Minister Liz truss, Will officially ask Monday for the United Kingdom to join this free trade agreement, which brings together 11 countries in the Pacific Chile, Mexico, Peru, Australia, Canada, Japan and Vietnam.
Last June, the British government indicated its intention to join a trade deal to boost its economy. The ministry said that talks between London and CPTPP members should begin this year.
A year after London left the European Union, “we reacted to UK Prime Minister Boris Johnson, saying that we had brought enormous economic benefits to the people of the United Kingdom.” “Applying to become the first new country to join CPTPP reflects our ambition Do business in the best conditions with our friends and partners worldwide And being an ardent champion of global free trade. “
CPTPP was launched in 2019 to remove trade barriers between its 11 constituent countries representing approximately 500 million consumers in the Asia-Pacific region. It also aims to counter China’s growing economic impact.
Adhering to the treaty would offer “huge opportunities”, the anticipated Liz Truss. “This would mean lower custom fees for automakers and whiskey producers and better access to our excellent service providers, leading to quality employment and greater prosperity for the people here,” he said.
The partnership is the new version of the Trans-Pacific Partnership Agreement (TPP), of which former US President Donald Trump backed out.