great Britain reached an agreement to join transpacific trade agreement between 11 countries consisting of Japan and several Latin American countries, while seeking to deepen ties in the region and strengthen its ties with the rest of the world after leaving the European Union.

He Prime Minister Rishi Sunak He said Britain had agreed to join the Trans-Pacific Partnership Comprehensive and Progressive Agreement (TPP-11), in a decision his office called the biggest trade deal since Brexit.

“Joining the TPP-11 trading bloc places the UK at the center of a dynamic and growing Pacific economic group,” Sunak said in a statement, adding that the deal demonstrated “the real economic benefits of our postwar freedoms.” “.

great Britain has been seeking to enhance global trade relations after leaving the European Union in 2020 and having transitioned into a geographically distant but fast-growing economy.

The other TPP-11 members are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. United Kingdom was the first new member to join the group.

That membership will complete the Free Trade Agreement The UK’s existing bilateral FTAs ​​(FTAs) with most member countries, provide companies with additional choices about the terms under which they can do business.

The overall impact of the trade deal will be modest. England said the agreement, which will reduce tariffs on cars, liquor and dairy productss, would boost the economy by 1.8 billion pounds ($2.2 billion) annually in the long term, a figure that could increase as more countries join the pact.

Pacific Rim is expected to grow twice as fast as Europe, so UK companies should think about their regional presence, said Sally Jones, EY’s trade policy and strategy partner.

United Kingdom nnegotiating a post-Brexit trade deal with Australia and New Zealand, and agreed to an FTA with Japan in 2020. It is also in talks with Canada and Mexico on a new free trade deal, having reversed the previous EU trade pact at the end of 2020.

AMP