UK set to join Asia-Pacific Trade Bloc

The Financial Times is reporting that the UK is in the final stages of agreeing to join the 11-member Asia-Pacific trade bloc.

In 2020 the 11 CPTPP countries were the destination of 8.4% of UK exports of goods and services and the source of 6.8% of imports. Member nations include Australia, Canada, Japan, Mexico, New Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam – a fascinating group of countries from a growth and development perspective!

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement (FTA) among Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

The CPTPP was signed on 8 March 2018 and entered into force on 30 December 2018. The CPTPP is the world's largest free trade agreement, covering 13.5% of global GDP.

The CPTPP aims to reduce tariffs and other trade barriers between the member countries. It also includes provisions on intellectual property rights, competition, and environmental protection.

The CPTPP is expected to boost economic growth and create jobs in the member countries. It is also seen as a way to counter the rise of China and other regional powers.