Wednesday, June 7, 2023
HomeEconomyUK expected to reach broad deal to join Pacific trade pact soon

UK expected to reach broad deal to join Pacific trade pact soon

By Kaori Kaneko

TOKYO (Reuters) – The 11 members of a trans-Pacific trade pact including Japan and Australia are expected to close soon Broad consensus A deal had been reached with Britain to join the partnership, two sources familiar with the matter told Reuters on Wednesday.

The UK said negotiations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) were progressing well. A spokesman for British Prime Minister Rishi Sunak said ministers would discuss the CPTPP with their counterparts later this week and would issue an update “at the earliest possible opportunity”.

The UK has been looking to build global trade relationships after leaving the EU and in June2021 started negotiations to join the CPTPP bloc as it also wants to move to a geographically distant but fast Growing economies, especially in the Indo-Pacific region.

The other members of the group are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Membership will complement existing bilateral trade agreements the UK has agreed with several members, with the overall aim of further cutting tariffs on goods and reducing barriers to trade in services and digital.

“We have made great progress towards the UK’s accession to the CPTPP and aim to bring negotiations to an early conclusion,” a spokesman for the UK’s Department of Business and Trade said.

“Government is working to ensure the UK joins on terms that are good for UK business and consistent with domestic priorities.”



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