The United Kingdom is in the process of formally applying to join one of the world’s largest free-trade areas, ‘deepening trade ties with some of the fastest-growing markets in the world,’ according to HM’s Government.
According to a Press Release on Gov.UK International Trade Secretary Liz Truss will speak to ministers in Japan and New Zealand on Monday morning (1 February 2021) to request to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), with formal negotiations set to start this year.
The announcement comes as the UK today celebrates one year since leaving the EU and becoming an independent trading nation.
UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016. Benefits that CPTPP membership will bring for businesses include:
Prime Minister, Boris Johnson said: “One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain.
“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.”
International Trade Secretary Liz Truss said: “Joining CPTPP will create enormous opportunities for UK businesses that simply weren’t there as part of the EU and deepen our ties with some of the fastest-growing markets in the world.
“It will mean lower tariffs for car manufacturers and whisky producers, and better access for our brilliant services providers, delivering quality jobs and greater prosperity for people here at home.
“We’re at the front of the queue and look forward to starting formal negotiations in the coming months.”
“The UK will publish its negotiation objectives, scoping analysis, and consultation response in advance of negotiations expected to start this Spring.
“CPTPP membership is a key part of the Government’s plan to position the UK at the centre of a network of modern free trade deals that support jobs and drive economic growth at home.”
CBI President, Lord Karan Bilimoria, said: “This ambition marks a new chapter for our independent trade policy. As one of the largest free trade agreements in the world, these 11 countries contribute over £100 billion to our economy.
“Membership of the bloc has the potential to deliver new opportunities for UK business across different sectors. The CBI will continue to work with the Government to ensure that firms get the most out of an agreement that will create jobs and deliver wide-ranging benefits to communities across the country.”
LAST CHANCE- “BYE BYE EU” Sir Winston Churchill 31st Of December Badge
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