UK Talks On Joining Cptpp

　　 (source: website of the Ministry of Commerce) The UK has begun negotiations on joining a trans Pacific Trade Agreement, which it believes is crucial for the UK to shift its focus from Europe to a more geographically distant but faster growing economy after brexit.

The comprehensive and progressive trans Pacific Partnership Agreement (cptpp), which includes Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia, has eliminated 95% of tariffs among its members.

Britain hopes to open up an export market for high-end consumer goods and professional services in world trade. Accession to the agreement would complement trade agreements that London is seeking or has reached with larger members.

Liz truss, Britain's International Trade Secretary, said: "this part of the world is the UK's biggest opportunity. When we left the EU, we promised to deepen our ties with our old allies outside Europe and the fast-growing consumer market. This is a shining reward after brexit, and I hope we can grasp it

Joining the cptpp is not expected to lead to a surge in UK exports. But it has locked in market access in areas such as law, finance and professional services, and officials see it as an important way to gain influence in an increasingly dominant region of China's economy.

Unlike the EU, the cptpp does not impose laws on its members, does not seek to establish a single market or customs union, nor does it seek wider political integration.