The UK begins process to join Asia-Pacific trade bloc

trade
Image courtesy/The UK begins process to join Asia-Pacific trade bloc

The 11-member Trade Bloc of the Trans-Pacific Partnership agreed to initiate membership negotiations with the UK.

The British government, which applied to join the TPP in February, said that membership in a post-Brexit environment was a great opportunity.

A working group is now anticipated to address trade and investment tariffs and regulations.

The United Kingdom will not be joining the TPP, including Australia, Mexico, and Japan, until early next year.

In a statement, the decision to start the accession process was described by International Trade Secretary Liz Truss as “excellent news.”

“It will assist move our economic center of gravity from Europe to more rapidly rising parts of the world and enhance our access to the Asian Pacific’s vast consumer markets.”

“We would obtain every advantage from entering a high-level free trade area, but without having to give up border controls, money or laws.”

She indicated that the government will submit “in the coming weeks” plans to the Parliament before the negotiations begin.

Since Brexit, the government has sought but still needs to sign one with a new country or trade region, to replace a number of trade agreements it had as a member of the EU.

The TPP, which encompasses a market of roughly 500 million people, also interested China, South Korea, Taiwan, and Thailand.

Initially, the US was part of the bloc building process but pulled out on the first day of former President Donald Trump in office in 2017.

TPP members include Japan, Malaysia, Vietnam, Brunei, Australia, New Zealand, Canada, Mexico, Chile, and Peru.

The UK is now negotiating a trade agreement with Australia which has caused British producers to worry that cheaper beef and lamb would flood their local markets. Critics have said that an agreement with Australia will be used as a TPP blueprint.

However, the UK government has stressed that farmers and exporters should generally see such agreements as a way to open up new markets abroad.

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About Robert Oluoch

My focus is economic, politics, entertainment and gaming reviews. My aim is to depict the complication of life through the combination of words and creativity.

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