FX.co ★ UK to join Asia-Pacific CPTPP

The United Kingdom has officially applied to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). The country sent a request to become a member of the alliance in early spring, pinpointing that participation in the CPTPP would expand the UK’s international trade opportunities. Following Britain’s exit from the European Union, this event is of fundamental importance to the UK government. The alliance of Pacific countries has already agreed to start negotiations for Britain’s entry.

Japan has been the first to welcome London. According to Japanese Economy Minister Yasutoshi Nishimura, Britain’s presence would be crucial for the development of trade. Owing to the agreement, Japan will be able to expand trade cooperation with the United Kingdom. In addition, this will help increase collective GDP of the CPTPP member countries.

Unlike EU membership, the Trans-Pacific Partnership Agreement does not aim to create a single market or a customs union. At the same time, the CPTPP will remove around 95% of all tariffs for its participants.