United Kingdom to Join the CPTPP

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The UK Government has recently announced its plans of joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) as a part of its post-Brexit phase. The CPTPP is the world’s largest free trade area consisting of 11 developed and emerging economies in the region. 

Outlining the Process

UK International Trade Secretary Liz Truss will speak to Japanese Minister for CPTPP Yasutoshi Nishimura, who is the Chair of the 2021 CPTPP commission, and Damien O’Connor, Minister for Trade and Economic Growth in New Zealand, which stores official documentation for all CPTPP members, on Monday morning to make the official request to join, with formal negotiations for its first major post-Brexit multilateral trading move set to start this year. The CPTPP currently comprises of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, marks one year since the UK left the European Union (EU) on January 31 last year and entered a Brexit transition period which concluded at the start of this year.

Opportunities to Expand Markets

Liz Truss stated, “Joining CPTPP will create enormous opportunities for UK businesses that simply weren’t there as part of the EU and deepen our ties with some of the fastest-growing markets in the world.”

Securing a CPTPP membership will be a decisive feat of achievement for the Boris Johnson led government. The government aims to widen links with the fastest-growing parts of the world, while partnering with countries that undertake free and fair trade. Joining the CPTPP will not require the UK to cede control over our laws, borders, or money, it highlights. As for the initial conversation, the UK says its membership will complement the bilateral FTAs it has already concluded or is negotiating with nine of the CPTPP members, including Japan and Canada.

Lord Karan Bilimoria, the President of the Confederation of British Industry (CBI) stated, “This ambition marks a new chapter for our independent trade policy. As one of the largest free trade agreements in the world, these 11 countries contribute over 100 billion pounds to our economy.”