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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