Posted on Feb 01, 2021
The UK made it's formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the world's third largest trading bloc, on Monday, seeking membership of the 11-country deal to open new avenues for post-Brexit trade and influence, Reuters reports.
Announcing the move, trade minister Liz Truss said it would create jobs, help rebuild the global trading system and position Britain “at the heart of some of the world’s fastest-growing economies”.
“It is important that we take a stand to support multilateralism and the global trading system, there has been too much undermining of the rules-based order,” Truss said during a call with her Japanese and New Zealand counterparts.
Membership of the partnership removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
In December 2020, a bipartisan group of U.S. policy experts called for Washington to join the CPTPP.In the same year China and the Philippines also declared an interest.
Image: UK government.
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