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Britain reaches agreement to join trans-Pacific trade pact
- Deal comes after two years of negotiations to join 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership
- Agreement marks milestone in Britain’s efforts to expand trading partnerships, play larger role in Indo-Pacific region
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Chad Brayin London
Britain reached an agreement to join an 11-member trans-Pacific trade pact on Friday, an important milestone in its efforts to build new trading partnerships since its exit from the European Union three years ago and to play a larger role in the Indo-Pacific region.
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After British officials hinted a deal was close this week, UK Prime Minister Rishi Sunak confirmed in the early morning hours in London on Friday that a deal had been reached to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Britain is expected to formally sign the trade pact, following a legal review, later this year.
“We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms,” Sunak said. “As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.”
The deal makes Britain the first European and non-founding member to join the trade pact since it was formed in 2018 and follows two years of negotiations by British trade officials.
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Other members of the trade agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
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