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The United Kingdom will apply to join a trade block on Monday that includes Canada, Australia and Japan. The British government has announced this.
Monday is exactly one year before the British left the European Union. According to Prime Minister Johnson, the filing reflects Britain’s ambition to do business with “our friends and partners around the world”.
The United Kingdom originated as another development of the CPTPP-related business block Trans-Pacific Partnership (TPP). The trade agreement, intended to retaliate China, was negotiated by twelve countries around the Pacific for years. The United States also participated in those negotiations, but former President Trump ended the treaty when he took office in 2016.
First ‘new’ participant
The other eleven countries have continued in the CPTPP. In addition to Canada, Australia and Japan, it includes Mexico, New Zealand, Vietnam, Singapore, Brunei, Chile, Malaysia and Peru. The United Kingdom will be the first ‘new’ country to join the trade bloc since its inception.
Prime Minister Johnson hopes that participation in the treaty will bring great economic benefits to the British people. For example, the trade agreement will soon reduce the export duty of whiskey and cars, the government says. Incidentally, the British still have to negotiate their participation in the treaty with other CPTPP countries after their application. Which will happen later this year.
Other trade agreements
In late December, the United Kingdom already concluded a free trade agreement with Turkey and Vietnam. Shortly before this, the British and the European Union narrowly agreed to a mutual trade agreement that prevented a no-deal Brexit.