UK signs deal to join trade pact with 11 Asia and Pacific nations

Tags: International News

Britain has signed a deal to join a trade deal with 11 Asia and Pacific countries on 31 March 2023, three years after officially leaving the European Union.

An overview of the news

  • According to the government's own estimates, joining the bloc would increase the size of the UK economy by only 0.08 per cent.

  • The trade area covers a market of around 500 million people.

  • The UK said it is the country's biggest post-Brexit trade deal and is the first European country to join the CPTPP since it came into force in 2018.

  • The agreement is expected to be formally signed by the end of this year following approval by Parliament and 11 member states.

  • The deal would cut tariffs on exports of food, drink and cars, and provide access to a market of some 500 million people.

  • The UK will be worth 15% of global GDP once it joins the trade bloc.

About Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) 

  • It was established in 2018.

  • It includes 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

  • Membership of the CPTPP lowers restrictions on trade between members and also lowers customs duties on goods.

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