WORLD / EUROPE
UK to begin process to join trans-Pacific trade bloc
Published: Jun 02, 2021 05:58 PM
Representatives from CPTPP member countries hold hands after the signing ceremony of the CPTPP in Chile on March 8, 2018. Photo: IC

Representatives from CPTPP member countries hold hands after the signing ceremony of the CPTPP in Chile on March 8, 2018. Photo: IC

Members of the vast trans-Pacific trade deal agreed on Wednesday to start the process for the UK to join the pact as the country pursues its post-Brexit commerce strategy.

The UK applied in February to join the 11-nation deal, signed in 2018 by countries including Japan, Canada, Mexico, Vietnam and Australia.

The deal known as the Trans-Pacific Partnership (TPP) -11 had been slated to become the world's largest trade pact before US former president Donald Trump withdrew the US in 2017.

After an online meeting of the members hosted by Japan, they said in a joint statement that they had "reached a decision to commence an accession process" for Britain.

The move would be "significant from the viewpoint of establishing a free and fair economic order," Japan's Economy Minister Yasutoshi Nishimura told reporters.

He said it would strengthen the relationship between Japan and the UK, who in October 2020 signed their own post-Brexit trade deal, largely similar to the previous EU-Japan accord.

The UK formally left the EU in January 2020 after nearly five decades of membership, and quit its single market and customs union at the start of 2021.

It has replicated or rolled over existing trade agreements with the bloc and several countries, but is yet to strike an entirely new deal with any government.

London is currently in advanced trade deal discussions with Australia and has held early talks with India, New Zealand and the US.

AFP