- Friday, April 26, 2024
By: Shilpa Sharma
MEMBER countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have allowed Britain to start the process of joining the pact, Japan’s economy minister Yasutoshi Nishimura said on Wednesday (2)
The decision will help Britain in its efforts to pivot away from Europe, build global influence and form new trading links with faster growing economies after the country’s exit from the European Union (EU) at the end of 2020.
Britain said it would look to carry out negotiations on joining a trans-Pacific trade deal as quickly as possible.
“It (CPTPP) will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world and deepen our access to massive consumer markets in the Asia Pacific,” international trade secretary Liz Truss said in a statement.
“We would get all the benefits of joining a high standards free trade area, but without having to cede control of our borders, money or laws,” she added.
The CPTPP removes 95 per cent of tariffs between its 11 members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
The UK’s admission into the CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the European Union, Nishimura said.
Britain made a formal request to join the pact in February as it wanted to open new avenues for post-Brexit trade and influence.
