Britain applies for Comprehensive and Progressive Agreement for Trans-Pacific Partnership

In the coming week Britain is set to apply for a membership to the trans-Pacific trading bloc of 11 countries.

Ever since it left the European Union, Britain has made its desire to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which removes most tariffs between Australia, Singapore, Japan, Brunei, Malaysia, Canada, Mexico, Chile, New Zealand, Vietnam and Peru.

“One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain,” said Prime Minister Boris Johnson in a statement.

Incidentally, Britain will not publish an assessment of the economic benefits of joining the CPTPP, contrary to earlier promises.

Previous government economic analyses of Brexit have pointed to only margin boosts to economic output from additional trade deals.

In a statement the government said, joining CPTPP would remove tariffs on food and drink and cars and help boost the technology and services sectors.

On Monday, British trade minister will speak to their counterparts from New Zealand and Japan as it formally requests to join the CPTPP.

“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade,” said Johnson.



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