The United Kingdom 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.
International Trade Minister Liz Truss will officially ask the United Kingdom to join this free trade agreement on Monday, which brings together 11 countries in the Pacific zone including Australia, Canada, Chile, Japan and Mexico. and Vietnam.
Negotiations between London and CPTPP partners are expected to begin this year, the ministry said.
‘A fervent champion of global free trade’
A 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’, responded 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 added. he adds.
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 ‘.
Countering China’s growing economic influence
The CPTPP was launched in 2019 to remove trade barriers between its 11 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.
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