Credit: Original article can be found here
The UK is filing on Monday to join a trade camp covering Canada, Australia and Japan. This was announced by the British government.
The British left the EU on Monday, exactly one year ago. According to Prime Minister Johnson, the filing shows Britain’s ambition to do business with “our friends and allies around the world.”
The CPDPP, the United Kingdom ‘s preferred trading block, is a further development of the Trans-Pacific Partnership (DPP). The trade agreement was negotiated for twelve years by twelve countries around the Pacific with the aim of countering China. The United States also participated in those talks, but ended the deal when former President Trump took office in 2016.
The first ‘new’ participant
Eleven other countries continued in the CPDP. In addition to Canada, Australia and Japan, this includes Mexico, New Zealand, Vietnam, Singapore, Brunei, Chile, Malaysia and Peru. The United Kingdom will be the first ‘new’ country to join the trade camp since its inception.
Prime Minister Johnson hopes that participation in this agreement will bring great economic benefits to the British people. As a result of the trade agreement, for example, the government claims that export tariffs for whiskey and cars can be reduced quickly. Incidentally, the British had to negotiate their participation in the treaty with other CPDP countries even after their application. It will happen later this year.
Other trade agreements
By the end of December, the UK had already concluded free trade agreements with Turkey and Vietnam. Shortly before that, the British and the European Union agreed to shorten a mutual trade agreement, which prevented Brexit from reaching an agreement.