Britain officially joins Trans-Pacific Partnership trade agreement

(MENAFN) Britain officially joined the Trans-Pacific Partnership (TPP) trade agreement on Sunday, becoming the 12th member of the pact. This agreement includes countries such as Japan, Australia, and Canada, and is part of Britain's effort to strengthen its trade relationships in the Asia-Pacific region following its departure from the European Union, Reuters reported. The decision to join the TPP was made last year, marking Britain’s largest trade deal since leaving the EU.

By becoming a member, Britain will now benefit from the agreement’s trade rules, which include lower tariffs with eight of the existing members, starting from Sunday. These members are Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore, and Vietnam, enhancing Britain’s access to these diverse markets.

The agreement is set to officially come into force with Australia on December 24. Afterward, it will apply to the final two members, Canada and Mexico, 60 days following their ratification. The expansion of the TPP is seen as a strategic move by Britain to diversify its trade relationships and secure a more prominent position in global commerce post-Brexit.

This new phase of trade ties offers Britain greater access to the growing Asia-Pacific region, which is expected to play a significant role in shaping the future of global trade.

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