Britain joins major trade alliance

Britain will become the 12th member of the Trans-Pacific Partnership (CPTPP) as a key player bridging the Atlantic with the well promising region of the Indo-Pacific.

Britain on Sunday 16 July 2023 formally signed the treaty to join a major trans-Pacific trade pact, becoming the first new country to take part since its inception in 2018 and opening the way for members to consider other applications including from China and Taiwan.

The signing was part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) commission meeting being held in New Zealand.

Britain’s Business and Trade Secretary Kemi Badenoch said at the signing that her country was delighted to become the first new member of the CPTPP. The British government still needs to ratify the agreement.

The CPTPP is a landmark trade pact agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Britain will become the 12th member of the pact that cuts trade barriers, as it looks to deepen ties in the Pacific after its exit from the European Union in 2020.

China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join the CPTPP.