(VOVWORLD) -The UK on Sunday became the first European country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is the UK's largest trade agreement after Brexit.
The UK is now the 12th member of this trade bloc, having signed the accession protocol in July last year.
British officials hope it could add to the economy about 2 billion pounds (2.5 billion USD) per year as British businesses are able to access a market of more than 500 million people.
Established in 2018 and contributing about 15% of global GDP, CPTPP now has 12 members, including three G7 members – Canada, Japan and the UK – plus Australia, New Zealand, Mexico, Peru, Chile, Singapore, Brunei, Malaysia and Vietnam.