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U.K. Begins Negotiations to Join Key Trans-Pacific Trad...

Business Maverick

Business Maverick

U.K. Begins Negotiations to Join Key Trans-Pacific Trading Bloc

The MSC Camille container ship, operated by Mediterranean Shipping Co. (MSC), left, the Hawk Hunter container ship, operated by Bocimar International NV, second left, and the CMA CGM Musset container ship, operated by Danaos Shipping Co Ltd., third left, on the dockside at the Port of Felixstowe Ltd., a subsidiary of CK Hutchison Holdings Ltd., in Felixstowe, U.K., on Monday, Jan. 25, 2021. Elevated container rates “may factor in for the rest of the year,” even if the current disruptions get ironed out, said Chris Rogers, lead trade analyst for S&P Global Market Intelligence’s Panjiva. Photographer: Chris Ratcliffe/Bloomberg
By Bloomberg
22 Jun 2021 0

The U.K. formally started negotiations to join an 11-nation trans-Pacific trading bloc, part of its bid to diversify its commerce post-Brexit.

Joining the CPTPP, whose members include Canada, Japan, Mexico and Australia, is a “glittering post-Brexit” prize, International Trade Secretary Liz Truss said in a statement.

“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.”

Post-Brexit Britain

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.

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