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Since leaving the European Union, the British have repeatedly expressed their intent for CPTPP (Comprehensive and Advanced Agreement on the Pacific Partnership), which will eliminate most tariffs for the United Kingdom, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico and New. Between Zealand, Peru, Vietnam and Singapore.
British Prime Minister Boris Johnson said in a statement that “one year after leaving the European Union, we are looking forward to new cooperation that would bring significant economic benefits to the British people.” Reuters reported earlier that the British were not publishing a preliminary impact study prior to joining on the potential benefits,
But previous studies have shown that free trade agreements outside the European Union will have only a slight impact on the performance of the UK economy.
The government said the CPTPP would eliminate tariffs on food, beverages and cars and could help the technology and services sector. The statement said the British Trade Minister would officially announce his intention to join on Monday.
Boris Johnson noted that the accession symbolizes that “the British are committed to global economic cooperation with their friends and that the British are passionate champions of global free trade.”
Cover photo: Getty Images
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