During a conference in New Zealand on Sunday, Britain formally joined an Asia-Pacific trade alliance that also consists of Japan and ten other countries.
More than 500 million people and 15% of the global economy are covered by the trade group. It is the biggest trade agreement that Britain has reached since it left the EU more than three years ago.
After more than two years of negotiations, Britain first said in March that it had struck an agreement to join the group, which was founded in 2018. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the first new member to join the group.
It also covers Singapore, Vietnam, New Zealand, Australia, Brunei, Canada, Chile, Malaysia, Mexico, and Peru.
“We are honored to become the CPTPP’s first new member and to join this extraordinary community of now 12 economies spanning Asia, the Pacific, and now Europe,” said Kemi Badenoch, the minister of trade for the United Kingdom. This is a cutting-edge and aspirational accord, and the UK’s membership in this dynamic, expanding, and forward-thinking bloc is evidence that the country is open for business.
According to Badenoch, almost 500,000 Britons already work for firms that are members of the bloc.
The addition of Britain, according to Japan’s economic minister Shigeyuki Goto, would make the bloc stronger.
In keeping with the high standards of the agreement, this was done, according to Goto, “setting an exemplary precedent for future accession.”
The agreement comes as Britain seeks to engage the Indo-Pacific region more. The agreement, according to critics, is trivial in comparison to Britain’s commerce with its 27-nation EU neighbors.
The inclusion of Britain in the group, according to Prime Minister Chris Hipkins of New Zealand, is excellent news for the area.
“Trade is not only a priority for this government, but is essential to our economic recovery, improving the lives, and livelihoods of all New Zealanders,” Hipkins said.
Britain has also secured separate trade agreements with Australia and New Zealand since leaving the EU.
After former President Donald Trump withdrew from the TPP, the United States is no longer a member of the group. China has made a membership application.
