UK signs accession protocol for trans-continental trade deal
“Yesterday, UK officials signed the accession protocol, to join a multinational trade bloc that can open doors from Canada to Japan. Business and Trade Secretary Kemi Badenoch signed off on the UK’s looming membership of the transcontinental Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The protocol brings British businesses a step closer to being able to sell to a market of 500 million people, with fewer barriers. For the UK, it represents the biggest trade deal since leaving the European Union. Still, critics fear its impact will be limited.
Britain is the first new member and the first European nation to join the bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.
It will cut tariffs for UK exporters to a group of nations which – with UK accession – will have a combined gross domestic product of £12 trillion, accounting for 15 per cent of global GDP. The signing was the formal confirmation of the agreement for the UK’s membership, which was reached in March after two years of negotiations.”
*This article is excerpted from freshplaza.com website, published 17th July 2023