CPTPP Accepts UK's Bid for Accession, Presents 'Huge Opportunity' for GB
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership's 11 members accepted the United Kingdom's bid to join the trade pact, British Trade Minister Liz Truss announced in a June 2 news release. The U.K. will work closely with Japan, the…
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current chair of the CPTPP commission, to get accession negotiations rolling, the release said. “CPTPP membership is a huge opportunity for Britain,” Truss said. “It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia-Pacific. We would get all the benefits of joining a high-standards free trade area, but without having to cede control of our borders, money or laws.” Great Britain formally applied to join Feb. 1, and its accession would mark the CPTPP's first foray beyond the Pacific Ocean (see 2102010025).