Economy

United Kingdom to apply for membership of Asia-Pacific free trade bloc

United Kingdom to apply for membership of Asia-Pacific free trade bloc”

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a free trade agreement that lowered tariffs and other trade barriers on a wide range of products among 10 countries of Asia and Oceania, and Canada.

Mr. Trump took the US out of talks for the predecessor free-trade deal known as the Trans-Pacific Partnership (TPP), saying it represented a bad deal for American companies and workers who had lost out on earlier free-trade accords.

Between them, the club's constituents are home to around 500 million people and generate more than 13% of the world's income.

On Monday, British International Trade Secretary Elizabeth Truss talked online with Japanese Economic Revitalization Minister Nishimura Yasutoshi.

Joining the pact would cut tariffs in trading between the 11 member nations, which includes Mexico, New Zealand and Vietnam. His successor, Donald Trump, withdrew from the TPP shortly after taking office in early 2017, dpa reported.

The UK is to seek membership of a trade agreement between 11 countries located around the Pacific Rim including major agri-food exporters New Zealand and Australia.

In return, countries must cooperate on regulations, such as food standards.

Before Brexit, Britain could not strike its own global trade deals, with such agreements being the purview of Brussels.

How many trade deals has the United Kingdom done so far?

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"Others will join, some of those others will be economies with which we don't have trade agreements".

"New Zealand has always supported the expansion of the CPTPP by those willing to meet the Agreement's high quality, so we warmly welcome the news that the United Kingdom intends to take the formal step shortly to start this process", O'Connor said. So countries are not required to have identical regulations and standards.

In practice, however, the short-terms gains for households and business would be limited.

The Biden administration, which has been cautious about rejoining, is expected to prioritize the pandemic response and other domestic issues.

As the first nation that was not a founding member of the group to attempt to join it, Britain is "at the front of the queue", said Liz Truss, secretary for worldwide trade.

Last June, the British government indicated its intention to join a trade deal to boost its economy. As a result of the trade agreement, for example, the government claims that export tariffs for whiskey and cars can be reduced quickly.

British Prime Minister Boris Johnson said the potential new partnership would 'bring enormous economic benefits for the people of Britain.

British trade minister, Liz Truss, will make a formal request to join on Monday when she speaks to her counterparts in Japan and New Zealand.



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