The United Kingdom has entered into formal negotiations around its potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Department for International Trade Minister Liz Truss began discussions on the morning of Tuesday 22^nd June with Minister for TPP Yasutoshi Nishimura from Japan, who is this year’s chair of the CPTPP.

The United Kingdom would strengthen trade connections with this powerful bloc of economies in the Pacific region – an area of increasing influence in world trade. Accession would also build on the UK’s recent signing of a Comprehensive Economic Partnership Agreement with Japan.

The CPTPP accounted for 13% of GDP in 2019, it comprises 11 nations which amount to a market of 500 million people. The existing members of the trade alliance are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The UK stands to benefit from lower tariffs on goods such as cars and whisky. British exports to the 11 members of the CPTPP will increase by 65% to £37bn by 2030, according to government estimates.

CPTPP’s acceptance of UK membership will lead to the bloc demonstrating its expansion into other world areas and the amount of GDP accounted for by the bloc would rise to 16% with the UK as a member. Britain has already reached a trade agreement with the CPTPP member Australia, the first new trade deal with another country after Brexit. The Australia-UK Free Trade Agreement is the first trade deal to be forged that is not a lead-on from existing pre-Brexit arrangements.

“Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific”, said Prime Minister Boris Johnson.  “The UK looks forward to working with Japan, as chair of CPTPP, when formal talks begin shortly, alongside the wider membership, who have all welcomed the UK’s application and supported our accession ambitions”, said a Government press release on the talks.