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The UK will formally request to join the 11-member transpacific trading block on Monday, with talks expected to begin later this year.
since Excluding the European Union, Britain has signed bilateral trade agreements of varying depth with seven members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, including Japan, Vietnam and Singapore.
The UK Department for International Trade said it hoped access to the group would facilitate easier business travel, eliminate tariffs on British exports such as whiskey and cars, and simplify basic regulations so that UK manufacturers would remain more in the member To use components. Tells.
As the first nation, which was not a founding member of the group to attempt to join the group, Britain is “at the forefront”, said Liz Truss, secretary of international trade. She plans to speak to Japan’s Minister of Economy Yasutoshi Nishimura and New Zealand’s Minister of Trade and Economic Development Damien O’Connor via video call on Monday.
The International Trade Department said it would publish an assessment of the economic benefits of CPTPP membership this spring, although it promised to release it before the application to allow more time for parliamentary scrutiny.
The CPTPP’s 11 current members account for about 13% of global GDP $ 10.6 trillion according to the New Zealand government.