Trans-Pacific trade pact for UK

MEMBERS of the vast trans-Pacific trade deal agreed yesterday to start the process for Britain to join the pact as the country pursues its post-Brexit commerce strategy.

Britain applied in February to join the 11-nation deal, signed in 2018 by countries including Japan, Canada, Mexico, Vietnam and Australia.

The deal known as the TPP-11 had been slated to become the world’s largest trade pact before Donald Trump withdrew the US in 2017.

After an online meeting of the members hosted by Japan, they said in a joint statement that they had “reached a decision to commence an accession process” for Britain.

The move would be “significant from the viewpoint of establishing a free and fair economic order”, said Japan’s Economy Minister Yasutoshi Nishimura.

He added that it would strengthen the relationship between Japan and the UK, which in October signed their own post-Brexit trade deal, largely similar to the previous EU-Japan accord.

British Foreign Secretary Dominic Raab said he was “delighted” with the development.

“This is a significant step towards a stronger trading relationship with the Indo-Pacific region which will support jobs and create opportunities for British businesses,” Raab tweeted.

International Trade Secretary Liz Truss meanwhile described the announcement as a “huge opportunity”.

“It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia-Pacific,” Truss said in a statement.

Membership would give Britain “all the benefits” of a free trade area but “without having to cede control of our borders, money or laws”, she added.

Britain formally left the EU in January 2020 after nearly five decades of membership, and quit its single market and customs union at the start of this year.

It has replicated or rolled over existing trade agreements with the bloc and several countries, but is yet to strike an entirely new deal with any government.

London is currently in advanced trade deal discussions with Australia and has held early talks with India, New Zealand and the US.