Trading
UK to start talks on joining trans-Pacific trade pact
Published by maria gbaf
Posted on September 28, 2021
2 min readLast updated: February 1, 2026
Global Banking & Finance Review®
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Published by maria gbaf
Posted on September 28, 2021
2 min readLast updated: February 1, 2026
The UK has started talks to join the CPTPP, aiming to enhance its post-Brexit trade strategy and boost economic growth.
LONDON (Reuters) – Britain will begin talks on Tuesday with the 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to join the pact it regards as important part of its future post-Brexit trade plans.
The CPTPP trade pact removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
Britain hopes to carve out a niche for itself in world trade as an exporter of premium consumer goods and professional services. Accession to the pact would supplement trade deals London is seeking, or has already agreed, with larger members.
Other members of the pact have already met to discuss Britain’s application, but Tuesday’s virtual meeting will see British attendance at the CPTPP’s UK Accession Working Group, chaired by Japan, for the first time.
“This is a big milestone on our path to joining CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies,” International Trade Secretary Anne-Marie Trevelyan said in a statement.
Joining the CPTPP in its current format could add around 1.8 billion pounds ($2.5 billion) to the British economy over the long-term – or less than 0.1% of pre-pandemic gross domestic product, according to British government modelling.
While only a minimal gain for exports and economic growth, it locks in market access, including for the legal, financial and professional services sectors, and is seen by ministers as an important way to gain influence in a region where China is increasingly the dominant economic force.
(Reporting by Michael Holden; Editing by Aurora Ellis)
The main topic is the UK's initiation of talks to join the CPTPP as part of its post-Brexit trade strategy.
The CPTPP is a trade agreement that removes 95% of tariffs between its 11 member countries, including Japan and Canada.
The UK aims to enhance its global trade presence and economic growth by joining the CPTPP, focusing on premium goods and services.
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