Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
Sign up for our Brexit Newsletter, follow us @Brexit and subscribe to our podcast.
The UK will formally call for an 11-member trans-Pacific trading bloc on Monday, with talks set to begin later this year.
Since Leaving the European Union, the United Kingdom has signed bilateral trade agreements of various depths with seven members of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership or CPTPP, including Japan, Vietnam and Singapore.
The UK Department for International Trade said it hoped the group’s membership would be based on them to facilitate easier business travel, eliminate tariffs on British exports such as whiskey and cars, and simplify rules of origin so that producers British to be able to use more components manufactured in states.
As the first nation not to be a founding member of the group that tried to join it, Britain is “in front”, said Liz Truss, secretary for international trade. She plans to speak on Monday with Japanese Economic Minister Yasutoshi Nishimura and Damien O’Connor, New Zealand’s Minister of Trade and Growth.
Post-Brexit Britain
The UK will formally call for accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement
The Department for International Trade has said it will publish an assessment of the economic benefits of joining the CPTPP this spring, despite a previous promise to release it before the request to allow more time for parliamentary scrutiny.
The current 11 members of the CPTPP represent approximately 13% of the value of the global gross domestic product $ 10.6 trillion, according to the New Zealand government.