Britain expected to reach broad agreement on joining CPTPP trade deal soon -sources
2023.03.29 08:46
© Reuters. FILE PHOTO: A view of the Port of Felixstowe, as containers are seen aboard the container ship Ever Greet, in Felixstowe, Britain, January 28, 2021. REUTERS/Peter Cziborra
TOKYO (Reuters) – The 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are expected to soon reach broad agreement with Britain on it joining the pact, two sources familiar with the matter told Reuters on Wednesday.
An announcement is expected to be made soon, the sources added, declining to be identified because the information has not been made public.
Britain has been looking to build global trade ties following its departure from the European Union.
It began negotiations in June 2021 to join the CPTPP grouping as it also looks to pivot toward geographically distant but fast-growing economies, especially in the Indo-Pacific.
Other members of the group are Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Membership will supplement existing bilateral trade deals Britain has with several of the member countries, with the overall aim of further cutting tariffs on goods and reducing barriers to services and digital trade.
“We are making great progress on the UK’s accession to CPTPP, and aim to conclude talks at the earliest opportunity,” a spokesperson for Britain’s business and trade ministry said.
“The Government is working to ensure that the UK joins on terms that work for British business and are in line with domestic priorities.”
