The UK has begun negotiations to enter into the £9 trillion Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trading bloc.
The discussions started on September 28 and mark the first round of negotiations for the country’s application to join the partnership with all 11 members, which includes Canada, Japan, Mexico and Australia.
Access to the trading bloc is set to potentially result in tariff-free trade for 99.9 per cent of UK exports, including food and drink, creating a new wave of jobs across the supply chain.
It will also provide access to several of the fastest-growing economies including the America’s and the Asia-Pacific.
“This is a big milestone on our path to joining the CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies,” International Trade Secretary Anne-Marie Trevelyan said.
“Joining this partnership will provide real opportunities for UK exporters and service providers and help our innovators open up new, diverse markets.
“[It] will help bring high-quality jobs and prosperity to every region of our country.”
The new Trade Minister Penny Mordant is also scheduled to visit member countries Peru and Chile to discuss the strengths the UK might bring to the trading partnership and opportunities to expand bilateral trade among the two countries.
“Chile and Peru are important strategic trade partners for the UK, and I will be using the visit to explore deeper trade and investment ties with both countries,” Mordant said.
“As we kick off negotiations to join CPTPP, there is no better time for British businesses to take advantage of the growing export opportunities in this dynamic part of the world.”