Brexit Britain Applying to Join 11-Nation Pacific Free Trade Pact
31 Jan 2021
Britain is taking advantage of its newfound autonomy from the EU to apply for membership of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Before Brexit, Britain could not strike its own international trade deals, with such agreements being the purview of Brussels. This prevented the country from trading freely with many key partners, including the United States, Australia, and New Zealand as vested interests in other EU member-states felt deals with these countries would not be to their advantage.
This has changed with Brexit, with the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), comprised of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam being viewed by Boris Johnson’s government as a bloc with a great deal of potential, particularly if the United States joins it in the coming years.
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CPTPP explained as UK applies to join Pacific trade bloc Tom Belger
The UK government has applied to join a trade bloc on the other side of the world, exercising its post-Brexit freedom to strike deals independently of the EU.
International trade secretary Liz Truss was scheduled to speak to ministers in Japan and New Zealand on Monday about Britain’s request to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
What is the CPTPP?
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam form part of the bloc. The US had planned to join a precursor to the the bloc, but president Donald Trump pulled out in 2017.