The United Kingdom seeks to join the Comprehensive and Progressive Trans-Pacific Partnership.
The CPTPP is the trade agreement between former Trans-Pacific Partnership nations after then-President Donald Trump withdrew the U.S. from TPP.
Officials from the UK made the request Monday with planning to begin formal negotiations this year.
Officials say joining the CPTPP would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam.
UK Prime Minister Boris Johnson stated, “One year after our departure from the EU, we are forging new partnerships that will bring enormous economic benefits for the people of Britain.”
The United States has been seeking a bilateral trade agreement with the UK since BREXIT, under the Trump Administration.
In a phone call with President Joe Biden, Prime Minister Johnson sought to “resolve existing trade issues as soon as possible.”
However, Biden’s focus is on domestic issues for now, and Biden also wants to evaluate rejoining the former TPP countries in CPTPP.
(Story Courtesy of the NAFB News Service)