The Trans-Pacific Free Trade Agreement brings together eleven countries in the Pacific area including Australia, Canada, Chile, Japan and Mexico.
The UK will apply for membership in the Trans-Pacific Free Trade Agreement – the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), the UK Department for International Trade said in a statement on Saturday.
The Minister for International Trade Liz Truss will officially request Monday the adhesion of the United Kingdom to this free trade agreement, which brings together eleven countries of the Pacific zone including Australia, Canada, Chile, Japan, Mexico and Vietnam. Negotiations between London and CPTPP partners are expected to start this year, the ministry said
One year after London left the European Union, “we are forging new partnerships which will bring enormous economic benefits to the people of the United Kingdom”, reacted British Prime Minister Boris Johnson. “Applying to become the first new country to join the CPTPP proves our ambition to do business under the best conditions with our friends and partners all over the world and to be a fervent champion of global free trade,” he said. he adds.
500 million consumers
Joining the treaty will provide “huge opportunities,” said Liz Truss, “it will mean lower tariffs for automakers and whiskey producers and better access for our excellent service providers,” creating quality jobs and greater prosperity for the people here ”.
The CPTPP was launched in 2019 to remove trade barriers between its eleven countries, which represent nearly 500 million consumers in the Asia-Pacific region. Its objective is also to counter the growing economic influence of China. This Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is the new version of the Trans-Pacific Free Trade Pact (TPP) that was abandoned by Donald Trump.