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The UK Government has announced today [21 June 2021] that negotiations have started on the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Reacting to the news, Lord Mayor of the City of London William Russell said: “This is encouraging news that will no doubt be welcomed by many firms across the Square Mile.
“The City of London has always been a champion for free and open markets, and we hope membership of the CPTPP will lead to closer links between the UK and some of the world’s most exciting markets.”
City of London Corporation Policy Chair Catherine McGuinness said: “The Square Mile is at the heart of global trade, so we welcome the start of these negotiations.
“Membership of the CPTPP brings potentially greater access for UK firms to fast-growing markets. We welcome the opportunity to focus on the services, data and digital, and investment elements specifically. Removing barriers to trade in these areas would be not only good news for firms and consumers, but could help support wider global goals including a swift recovery from COVID and the race to net zero.
“As always however the devil will be in the detail of the final agreement, and we look forward to feeding into these negotiations as they progress.”