Talks have concluded for the United Kingdom to become the first European country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The fifth round of negotiations have wrapped up in Vietnam. A process will now get under way for the UK to formally be signed up to the trade agreement, which New Zealand is a part of alongside Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore and Vietnam.
“Our accession to CPTPP sends a powerful signal that the UK is open for business and using our post-Brexit freedoms to reach out to new markets, including in the Asia Pacific region, and grow our economy,” UK business and trade secretary Kemi Badenoch said.
“Joining this influential trade bloc will help us to shape the rules of global trade with like-minded nations, and work even closer together on our shared priorities of prosperity, security and free and fair trade.”
The agreement complements the recently signed UK-New Zealand Free Trade Agreement, which is expected to come into force later this year.