British Government has commenced talks to join the Trans-Pacific free trade deal to enable businesses to have access to “some of the biggest economies of the present and future”.
Gatekeepers News reports that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) consists of 11 countries, including Australia, Canada and Japan.
International Trade Secretary, Liz Truss will begin the (virtual) talks on Tuesday to join the 11-strong trans-Pacific trading club.
Members of the free trade area, which comprises a market of around 500 million people, would lessen charges on exports such as cars and whisky.
The founding members of the trade agreement which was established in 2018 include; New Zealand, Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam. While the UK applied to join the bloc in January following Brexit.
Liz Truss said the trade area was the “part of the world where Britain’s greatest opportunities lie.”
According to her, being granted membership would be a “glittering post-Brexit prize that I want us to seize.”
She said membership would help “farmers, makers and innovators sell to some of the biggest economies of the present and future, but without ceding control over our laws, borders or money.”
Meanwhile, there have backlashes against the trade deal sealed by the UK and Australia recently.
Gatekeepers News reports that UK is the first non-founding country to apply to join the CPTPP and would be its second-biggest economy after Japan if negotiations succeed.
The free trade agreement intends to lessen trade charges or any form of border tax between member countries and includes a commitment to eliminate or reduce 95percent of charges on traded goods.
As a result, countries will agree on regulations, such as food standards.
The standards and regulations, however, do not have to be equal, and member countries can strike their trade deals.
