UK Prime Minister Sunak has announced the country will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
There are 11 members (will be 12 when the UK joins):
- Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and Canada.
The bloc is focused on lowering tariffs
- members mutually drop 98% of their barriers on goods
- the pact allows different components of final products — such as automobiles — to come from member nations tariff-free
The UK has been keen on joining trade agreements ever since Brexit deprived the country of easy access to the 300m people next door.
