The UK believes membership will give it a role in setting regional trade rules over the coming decades.
The UK will join an 11-nation Indo-Pacific free-trade bloc, becoming the first new member since its creation, in a bid to strengthen economic ties with new partners following divorce from the European Union. PM Rishi Sunak’s government sees membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), which includes Australia, Japan and Canada, as a boost for economic growth and geopolitical relations. The UK expects growth of $2.23 billion each year over the long-term, a figure that could rise if other countries join the bloc.
The UK believes membership will give it a role in setting regional trade rules over the coming decades. That could mean the UK and other members preventing China’s future accession to the bloc in a move to ensure high trade standards. The UK said it did not compromise on its environmental and food standards.
UK concluded two years of negotiations with a formal agreement to become the 12th member of the CPTPP.