UK Allowed To Begin Talks On Joining Pacific Trade Deal.

UK Allowed To Begin Talks On Joining Pacific Trade Deal

Pacific trade deal: Japanese Minister Yasutoshi Nishimura welcomed the start of Britain's joining process

Tokyo/London:

Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday agreed to allow Britain to start the process of joining the pact, Japan's economy minister said.

The decision marks another step in Britain's efforts to pivot away from Europe, build global influence and form new trading links with faster growing economies following its exit from the European Union (EU) at the end of 2020.

Japanese Economy Minister Yasutoshi Nishimura told reporters he welcomed the start of Britain's joining process after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact.

"The United Kingdom's potential membership would support the mutual interests, common values and commitment to upholding the rules-based trading system shared by the members of the CPTPP," the 11 member countries said in a statement.

"It would also promote market-oriented principles and help to counter protectionism and the use of unjustified trade restrictive measures."

Membership is seen by British ministers as one of several ways of building influence in the region to help promote free trade and act as a counterweight to China - which it accuses of undermining trade and distorting markets with state subsidies.

The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. Unlike the EU, it does not aim to create a single market or a customs union, and it does not seek wider political integration.

The United Kingdom's admission into CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the EU, Nishimura said.

British Trade Minister Liz Truss said she welcomed the decision and would lay out her plans to parliament in the coming weeks.

Britain has yet to publish its economic assessment of the benefits of joining the pact.

The process begins with the forming of a working party to assess Britain's compatibility with the deal. Britain said it would work with Japan, which chairs the group this year, to conduct the negotiations as quickly as possible.

Britain made a formal request to join the trade deal in February. It will supplement bilateral deals Britain has, or is seeking, with member states. Britain struck its first major post-Brexit deal on trade with Japan last October.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Related news
Senate Republicans expected to reject voting rights bill.

Senate Republicans expected to reject voting rights bill.

Republicans and Democrats are set to clash over voting rights and election reform during a major showdown on Capitol Hill. The Senate is expected to vote on sweeping legislation that President Biden and Democrats argue protects democracy but Repub...

Doctors warn of spike in colon cancer rates among young adults.

Doctors warn of spike in colon cancer rates among young adults.

The death of actor Chadwick Boseman is raising awareness of colon cancer and doctors say it’s important to get tested.

80% of Americans back voter ID requirements: poll

80% of Americans back voter ID requirements: poll

Axios National Political Reporter Jonathan Swan says there is no room for ‘compromise’ between Democrats and Republicans on federalizing elections #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Cha...

After Big Election Victory, Armenia’s Leader Calls for Reconciliation.

After Big Election Victory, Armenia’s Leader Calls for Reconciliation.

International observers say Armenian snap poll was free and fair but point to 'intense polarization' after its military defeat in the Nagorno-Karabakh region.

Morning News NOW Full Broadcast - June 22 - NBC News NOW.

Morning News NOW Full Broadcast - June 22 - NBC News NOW.

The For the People Act heads to the Senate after passing in the House, New York City uses ranked-choice voting for the first time in mayoral primary elections, and the delta variant is threatening a return to normalcy in the U.S.  » Subscribe to N...

Activists push to make 'ecocide' an international crime - DW News.

Activists push to make 'ecocide' an international crime - DW News.

There's a growing movement to put acts of environmental destruction on par with war crimes and genocide. An increasing number of activists, lawyers and politicians want what they're calling "Ecocide" to be punishable by the International Criminal ...