“This part of the world is where Britain’s greatest opportunities lie,” Truss said. “Membership would help our farmers, makers and innovators sell to some of the biggest economies of the present and future.”
Britain has been eager to forge new trading relationships since its split from the European Union, a move that has caused trade to decline with its largest partner. Alongside seeking CPTPP accession, the U.K. is negotiating bilateral deals with Australia, New Zealand and the U.S., though a deal with President Joe Biden’s administration is unlikely in the short-term.
The U.K. already has trade agreements of varying depths with seven of the members of the CPTPP, and is in negotiations with two more — Australia and New Zealand. Joining the CPTPP would make it easier for financial and professional services firms to sell into new markets, the U.K.’s Department for International Trade said.