The UK is to seek membership of a trade agreement between 11 countries located around the Pacific Rim including major agri-food exporters New Zealand and Australia.
Britain will on Monday formally apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an 11-nation free-trade bloc of Asia-Pacific countries.
'Where do we want us to be in 2050 when digital trade is much more important, where British products like financial services and robotics will be in huge demand across the world so what I am doing is laying that groundwork for our future economic opportunities'.
This partnership is the new version of the Trans-Pacific Partnership Agreement (TPP) that Former US President Donald Trump has retired. Initially, the trade deal was expected to cover 40 percent of the global economy but failed to achieve it as the United States withdrew from the agreement in 2017.
Since leaving the European Union, Britain has made clear its desire to join the CPTPP, which removes most tariffs between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The UK will comply fully with the process set out in the commission decision of January 2019 on the Accession Process of the CPTPP.
With both leaders meeting for the first time at the G7 summit in June, which the United Kingdom is hosting, and later at the COP26 UN climate change conference in November taking place in Glasgow, there is a high probability that Global Britain will come up with more defined vision for its future, where staying in opposition to China will be the key element of its perceived success. "This will mean lower tariffs for carmakers and whiskey producers and better access to our excellent service providers, leading to higher-quality jobs and more prosperity for the people here", he added.
BRITAIN will today apply to join a trans-Pacific free-trade pact under its post-Brexit plans.
The Department for International Trade (DIT) hopes joining the 9 trillion-pound partnership will cut tariffs for United Kingdom industries, including food and drink and cars, while also creating new opportunities for modern industries like tech and services, ultimately supporting and creating high-value jobs across the UK. "We're at the front of the queue and look forward to starting formal negotiations in the coming months", she said.