UK kickstarts talks to join £9 trillion global trade bloc

The UK is kicking off its first negotiation meeting with all 11 members of a global trade bloc.

The CPTPP – a major trans-Pacific bloc includes Canada, Japan, Mexico and Australia.

While other members have previously met to discuss the UK’s application, the first UK-attended meeting of the CPTPP’s UK Accession Working Group has begun virtually. The talks will kick off a series of negotiations on the UK’s accession to the trading partnership.

The CPTPP had a combined GDP of £9 trillion in 2019, and is home to 500 million people including some of the world’s biggest and fastest-growing economies across Asia-Pacific and the Americas.

International Trade Secretary Anne-Marie Trevelyan said: “This is a big milestone on our path to joining CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies.

“Joining this high-standards partnership will provide real opportunities for UK exporters and service providers and help our innovators open up new, diverse markets. Seizing opportunities like this is exactly what Global Britain is about and will help bring high-quality jobs and prosperity to every region of our country.

“These initial talks will focus on how the UK meets the standards set out in the CPTPP agreement. The deal is one of the world’s most advanced in both digital and services trade, which plays to the UK’s strengths as the world’s second-largest services exporter,” she added on September 28.

Joining the partnership could mean tariff-free trade for 99.9 per cent of British exports, including food and drink, and cars, while also creating new opportunities for modern industries like tech and services, ultimately supporting and creating high-value jobs across the UK.

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