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The UK will formally apply to join a huge free-trade pact that includes Australia, Canada, Japan and New Zealand, under its post-Brexit plans.
Britain’s International Trade Secretary Liz Truss will ask to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) in a conversation with ministers in Japan and New Zealand on Monday.
Negotiations are expected to start later this year, Truss’s department said, in announcing the move on the anniversary of the UK’s formal departure from the EU.
Joining the CPTPP will cut tariffs in trading with its 11 members, which also include Mexico, Singapore and Vietnam.
UK trade with the group last year was worth PS111 billion ($A199 billion), according to the Department for International Trade.
“One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain,” Prime Minister Boris Johnson said.
“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade.”
UK businesses reacted warmly to the plans, with the Federation of Small Businesses saying it would help firms “thrive and succeed more than ever”.
But shadow international trade secretary Emily Thornberry said her party would closely scrutinise any pact and called on the government to consult the public.
“Like any other trade agreement, the advantages of joining the CPTPP will have to be assessed once we see the terms on offer,” she said.
“More generally, people will rightly ask why we have been through five years of debate in Britain over leaving a trade bloc with our closest neighbours only to rush into joining another one on the other side of the world without any meaningful public consultation at all.”
Truss said joining the pact would “create enormous opportunities for UK businesses that simply weren’t there as part of the EU”.
The CPTPP removes most tariffs between Australia, Canada, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam, Brunei, Peru and Chile.
Australian Associated Press