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Trading

UK makes formal request to join trans-Pacific trade deal

Published by linker 5

Posted on February 1, 2021

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LONDON (Reuters) – Britain made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Monday, seeking membership of the 11-country deal to open new avenues for post-Brexit trade.

Announcing the move, trade minister Liz Truss said it would position Britain “at the heart of some of the world’s fastest-growing economies”.

The request comes on the first anniversary of Britain’s formal departure from the European Union before a transition period that ended at the end of 2020.

Britain is now adapting to the new terms of trade with the European Union, where frictionless trade has been replaced with a thin agreement that, in many cases, is making exporting to the EU more complicated and expensive

The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.

Britain has argued that the principle benefit of leaving the EU is the freedom to strike trade deals around the world, and is moving quickly to try and find a consensus on the need to revitalise global trade after a period of increased nationalism.

(Reporting by Michael Holden, writing by William James; editing by Costas Pitas and Kate Holton)