UK makes formal request to join 11-country trans-Pacific trade deal

Britain made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Feb. 1, seeking membership of the 11-country deal to open new avenues for post-Brexit trade and influence. Announcing the move, trade minister Liz Truss said it would create jobs, help rebuild the global trading system and position Britain “at the heart of some of the world’s fastest-growing economies.” It comes at a moment of significant economic upheaval for Britain, whose 2016 decision to exit the European Union became a reality at the start of the year and has made trading with EU countries more expensive and complicated. Britain argues that the principal economic benefit of leaving the EU is the freedom to strike trade deals around the world, and is trying to position itself as the leading advocate of free global trade after a period of increased nationalism. The CPTPP removes 95% of tariffs among its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. (Reuters) This article was provided by The Japan Times Alpha.