UK joins trans-pacific trade partnership

London (Brussels Morning Newspaper) – Britain became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as it aims to heighten connections in the region and improve its global trade relations after leaving the European Union.

Britain has officially become the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).  The earlier UK government signed the accession treaty last year, with most constituents of the bloc having since confirmed the UK’s entry. The UK is endeavouring to strike new trade agreements abroad in the aftermath of exiting the European Union following its 2016 referendum on Brexit, with European Union member nations still accounting for around 40% of Britain’s exports and more than 50% of imports.

The UK has booked many post-Brexit trade agreements, including with Australia, New Zealand, and Singapore since it quit the Europen Union’s single market at the beginning of 2021. It is also seeking one with Gulf nations, and last month Labour Prime Minister Keir Starmer declared that the UK and India are to resume delayed discussions to agree on a free trade agreement. 

What is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership? 

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership carried eleven members before the United Kingdom: Canada, Australia, Brunei, Chile, Mexico, New Zealand, Japan, Malaysia, Peru, Vietnam, and Singapore. The CPTPP was created from the plans of the intended Trans-Pacific Partnership (TPP) union — which was considered to also include the United States — after Washington exited soon after the election of Donald Trump in 2016. 

CPTPP retained most of the conditions of that agreement and lowered trade borders between member nations on a variety of goods. However, the deal offers far less comprehensive free trade than the unrestrained activity of goods and services with European Union member states.  The CPTPP is noticed as something of an economic balance to China in the Pacific region, though Beijing is also one of several applicants presently pursuing membership. CPTPP’s members presently account for approximately 15% of global GDP and a people of about half a billion.