London, United Kingdom:
Britain will apply to join the Pacific Free Trade Area, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), as part of its post-Brexit plans.
British International Trade Minister Liz Truss will officially apply for membership of the UK in the free trade bloc, which represents eleven Pacific border states including Australia, Canada, Chile, Japan, Mexico and Vietnam on Monday.
The application to join the CPTPP is submitted one year after Great Britain officially leaves the European Union after more than forty years of membership.
Negotiations between the UK and the partnership are set to begin this year, the trade department said.
“One year after we left for the EU, we are forging new partnerships that will bring enormous economic benefits to the people of Britain,” said British Prime Minister Boris Johnson.
“Our application to be the first new country to join the CPTPP shows our commitment to doing business on the best of terms with our friends and partners around the world and to be an avid advocate of global free trade,” he added.
Truss, who touted the prospect of UK membership in the bloc when the UK signed post-Brexit trade deals with Japan and Canada among other members of the CPTPP, said joining would offer “tremendous opportunities”.
“This means lower tariffs for automakers and whiskey makers and better access for our great service providers, which will provide quality jobs and greater wealth for the people here at home,” she added.
The CPTPP was launched in 2019 to remove barriers to trade between the 11 countries that represent nearly 500 million consumers in the Asia-Pacific region to counter China’s growing economic influence.
The United States, a major proponent of the Pacific bloc under former President Barack Obama, pulled out of the partnership under the Trump administration before it was ratified in 2017.
(This story was not edited by GossipMantri staff and is automatically generated from a syndicated feed.)