Britain signed the accession treatyCPTPP last year and is now officially the 12th member of the trade blocIndo-Pacific This, according to AFP.
Representatives of CPTPP member countries at an event in Santiago (Chile) on March 8, 2018
British officials hope that CPTPP membership will boost the country’s stagnant economy by 2 billion pounds (2.5 billion USD) per year.
According to AFP citing British government data, the UK’s overall trade value in the 12 months to the end of September was 1,700 billion pounds.
In addition to the UK, CPTPP currently includes Canada, Japan, Australia, New Zealand, Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
This bloc accounts for about 15% of global GDP, which will help British businesses reach a market of more than 500 million people.
When the British government signed the CPTPP in July 2023, then British Minister of Trade and Business Kemi Badenoch called it “the largest trade agreement” since the UK left the European Union (Brexit) at the end of January 2020.
Britain has signed several post-Brexit trade deals, including with Australia, New Zealand and Singapore, since leaving the European Union’s single market in early 2021.
Britain is also pursuing a deal with Gulf countries and last month Prime Minister Keir Starmer announced that Britain and India would resume stalled talks to agree a free trade deal. .
