Britain to apply for membership of Asia-Pacific free trade bloc
31 January, 2021
Britain will apply to join the Pacific totally free trade area, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), the UK said Saturday (Jan 30), under its post-Brexit plans.
Britain's International Trade Secretary Liz Truss is to formally demand UK membership of the free trade bloc, which represents 11 Pacific Rim nations including Australia, Canada, Chile, Japan, Mexico and Vietnam, on Monday.
The application to become listed on the CPTPP should come twelve months after Britain formally left europe following a lot more than 40 years of membership.
Negotiations between your UK and the partnership are anticipated to start this season, the trade division said.
"Twelve months after our departure for the EU we are forging new partnerships that may bring enormous economical benefits for the persons of Britain," Uk Prime Minister Boris Johnson explained.
"Applying to be the first new country to become listed on the CPTPP demonstrates our ambition to do business on the very best terms with this friends and partners around the globe and be an enthusiastic champion of global free trade," he added.
Truss, who possesses touted the prospect of Uk membership of the bloc as being the UK agreed post-Brexit trading plans with Japan and Canada among various other users of the CPTPP, said joining would present "enormous opportunities".
"It will mean lower tariffs for car suppliers and whisky producers, and better gain access to for our brilliant providers providers, delivering quality jobs and higher prosperity for people at home," she added.
The CPTPP premiered in 2019 to eliminate trade barriers among the 11 nations representing practically 500 million consumers in the Asia-Pacific region in a bid to counter China's growing monetary influence.
The United States, among the important proponents of the Pacific bloc under former president Barack Obama, withdrew from the partnership beneath the Trump administration before it had been ratified in 2017.
Source: www.channelnewsasia.com
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