London announced on Friday that after 21 months of negotiations it had reached an agreement to join the Trans-Pacific Trade Agreement (CPTPP), the largest trade deal since Brexit.
Downing Street said in a statement that the UK will become the first European country to join the CPTPP trade bloc. Currently, eleven countries have signed the treaty with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
“British companies will now enjoy unprecedented access to markets from Europe to the South Pacific,” Prime Minister Rishi Sunak said in a statement. In the long run, the prime minister said, accession would add 1.8 billion pounds (about 2 billion euros) to the country’s economic output.
His predecessor, Boris Johnson, applied in January 2021 to join the free trade bloc. After the country left the European Union in 2020, the UK has been desperately looking for new trading partners. Sunak expects more countries to join in the future.
The United States is not among the signatories. The country was, under President Barack Obama, the driving force behind the trade agreement, then known as the TPP, which was meant to act as a counterbalance to China’s economic power. However, his successor, Donald Trump, was not interested and ended the talks. Nor has current US President Joe Biden shown any interest in joining the agreement yet
Unlimited free access to Showbytes? Which can!
Log in or create an account and never miss a thing from the stars.
“Infuriatingly humble social media buff. Twitter advocate. Writer. Internet nerd.”
I am innocent of extortion
Discovery of an explosion in the dam • Ukraine loses a Leopard tank in an attack
The Corpse Wants $75,000 to Buy Parts of the Car in which Actor Paul Walker Died car