UK says it aims to join Trans-Pacific free trading group By Reuters

© Reuters. FILE PHOTO: Members of Britain's cabinet meet at Downing Street in London

© Reuters. FILE PHOTO: Members of Britain’s cabinet meet at Downing Street in London

LONDON (Reuters) – The United Kingdom announced on Wednesday it would pursue accession to a revamped version of the Trans-Pacific Partnership. “Today we’re announcing our intent to pursue accession to CPTPP, one of the world’s largest free trading areas,” Trade Secretary Liz Truss said. The British government said joining CPTPP would help the UK overcome the challenge posed by the coronavirus and would help diversity its trade links. The Comprehensive and Progressive (NYSE:) Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement that links Canada and 10 other countries: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Once fully implemented, the 11 countries will form a trading bloc representing 495 million consumers and 13.5% of global GDP, according to the Canadian government. If the United Kingdom were to join, that share of global GDP would rise to about 16%.
The United Kingdom left the European Union on Jan. 31 but the main terms of its membership remain in place during a transition period until the end of this year. Both the UK and EU hope to negotiate a new free trade deal between them by the end of the year.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link