(VOVWORLD) - Britain will begin negotiations on Tuesday to join a trans-Pacific trade deal that it sees as crucial to its post-Brexit pivot away from Europe and towards geographically more distant but faster-growing economies.
Britain’s Prime Minister Boris Johnson said membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific. He added that it’s an exciting opportunity to build on Britain’s entrepreneurial spirit and free-trading history to bring economic benefits across the UK.
Britain’s Trade Minister Liz Truss said Britain hopes to carve out a niche for itself in world trade as an exporter of premium consumer goods and professional services. She said accession to the pact would supplement trade deals London is seeking, or has already agreed, with larger members.
On February 1, 2021, Britain became the first new country to formally request admission to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which entered into force on December 30, 2018. The CPTPP removes 95% of tariffs between its members: Vietnam, Japan, Canada, Australia, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.