After leaving the European Union, the U.K government has announced they are applying for Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), one of the largest free trade areas made up of developed countries and emerging economies.
U.K’s International Trade Secretary Liz Truss is to formally request UK membership of the free trade bloc, which represents 11 Pacific Rim nations including Australia, Canada, Chile, Japan, Mexico and Vietnam.
“One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain,” British Prime Minister Boris Johnson said.
“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade,” he added.
The CPTPP was launched in 2019 to remove trade barriers among the 11 nations representing nearly 500 million consumers in the Asia-Pacific region in a bid to counter China’s growing economic influence.
Unlike E.U membership, joining CPTPP does not require the U.K to grant control over laws, borders or money.