Britain inks pact to join Trans-Pacific trade bloc

PTI

London, July 16

The UK on Sunday formally signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc, a move it says will help grow the country’s economy and provide access for British businesses to a market of over 500 million people. UK Business and Trade Secretary Kemi Badenoch, who is also leading the ongoing free trade agreement negotiations with India, signed the pact agreed earlier this year during a visit to Auckland and hailed it as a major post-Brexit win for the country.

The UK will now seek to ratify the agreement, which will include parliamentary scrutiny as the CPTPP member countries complete their legislative processes to admit Britain into the trading bloc – of which India is not a member.

“I’m delighted to be here in New Zealand to sign a deal that will be a big boost for British businesses and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people,” said Badenoch.

The UK will be the first European member and first new member since CPTPP was created, which the government stresses would have been impossible without leaving the European Union.

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