© Reuters. FILE PHOTO: Weekly government cabinet meeting in London
LONDON (Reuters) – Britain made a formal request to join the Comprehensive and Progressive (NYSE:) Agreement for Trans-Pacific Partnership on Monday, seeking membership of the 11-country deal to open new avenues for post-Brexit trade. Announcing the move, trade minister Liz Truss said it would position Britain “at the heart of some of the world’s fastest-growing economies”. The request comes on the first anniversary of Britain’s formal departure from the European Union before a transition period that ended at the end of 2020. Britain is now adapting to the new terms of trade with the European Union, where frictionless trade has been replaced with a thin agreement that, in many cases, is making exporting to the EU more complicated and expensive The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
Britain has argued that the principle benefit of leaving the EU is the freedom to strike trade deals around the world, and is moving quickly to try and find a consensus on the need to revitalise global trade after a period of increased nationalism.
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.