The UK’s International Trade Secretary Liz Truss has revealed that plans are afoot for the country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by the end of next year.
The UK is currently working with the various members of the £9 trillion bloc, including Australia, Chile, Canada, Mexico, Japan, New Zealand and Singapore, to join the CPTPP.
Speak recently, Ms Truss announced that negotiations with the bloc of 11 countries was going well and was the current focus of the country’s international aspirations.
“Two-thirds of the world’s middle classes are going to live in Asia by 2030 and the types of products that they’re demanding are the types of things Britain produces — whether those high value manufactured goods, quality food and drink, digital and data products, financial services,” she said.
With a focus on trading opportunities beyond the European Union, the deal would be a landmark step for the UK economy, allowing British goods and services to enjoy tariff-free trade across much of the pacific region, including in South America, Asia and Australasia.
Extolling the benefits of such a deal, Ms Truss added: “The EU is going to be a smaller proportion of the world economy in 20- or 30-years’ time and countries like Vietnam, or Malaysia, which are part of CPTPP are going to be a bigger share.”
There are hopes that under US president Joe Biden, the United States could re-join the partnership after leaving in 2017.
This would allow tariff-free trade between the US and UK, without the need for the long-awaited free trade deal.
The International Trade Secretary added: ”The United States was one of the initial parties in the Trans-Pacific Partnership, and the new administration has not indicated they want to join it. But who knows what might happen in the future?”
Hopes are high for the UK joining the partnership as it has already secured deals or agreements with several of the key members including Australia and Japan.
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