Ministers to unveil plans ‘within weeks’ for UK to join trans-Pacific trade club, including Australia, Canada and Japan
- Liz Truss says plans to join trans-Pacific trade group revealed ‘within weeks’
- The CPTPP has formally agreed to start accession negotiations with the UK
- The free trade zone includes Australia, Canada, Japan and New Zealand
Ministers will unveil plans to join a trans-Pacific trade group “within weeks,” Liz Truss said today.
Ms Truss praised a step towards joining the club – which includes Australia, Canada and Japan – after members gave the go-ahead for negotiations to start.
The government is pushing for the forging of a new ‘Global Britain’ after the Brexit transition period ends this year.
Ministers will unveil plans to join trans-Pacific trade group ‘within weeks’, Liz Truss said today
Intensive work has been done on bilateral trade agreements with Australia and Canada, while a pact with Japan came into effect in January.
But join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), with a combined GDP of over £13 trillion, could provide important new markets for UK businesses.
The UK would be the second largest economy in the partnership after Japan.
Mrs. Truss tweeted today: “Excellent news that #CPTPP countries have agreed to the accession process of (Great Britain) to join this dynamic 11-nation free trade zone.
“We will present our plans to the House of Representatives in the coming weeks before we start negotiations.”
The signatories to the CPTPP are Australia, Canada, Japan, Mexico, New Zealand, Brunei, Chile, Malaysia, Peru, Singapore and Vietnam.
The group was launched in 2018, after Donald Trump halted the planned Trans-Pacific Partnership (TPP) and said conditions were not right for the US.
Ms Truss (pictured at Westminster last month) praised a move towards joining the club – which includes Australia, Canada and Japan – after members gave the green light to the start of negotiations