The UK will join 11 other countries in a major Asia-Pacific trade partnership – ForexLive

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UK Prime Minister Sunak has announced the country will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

There are 11 members (will be 12 when the UK joins):

  • Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and Canada.

The bloc is focused on lowering tariffs

  • members mutually drop 98% of their barriers on goods
  • the pact allows different components of final products — such as automobiles — to come from member nations tariff-free

The UK has been keen on joining trade agreements ever since Brexit deprived the country of easy access to the 300m people next door.