UK becomes first European nation to join indo-pacific trade bloc
Date
12/15/2024 7:53:58 AM
(MENAFN) On Sunday, the UK will make history as the first European nation to officially join an Indo-Pacific trade bloc, a decision that is expected to "enhance trade and create prospects" for British businesses internationally.
Britain will officially become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, completing years of formal procedures.
The UK will be the 12th country to join the trade pact, after submitting its application in early 2021, and authorities are optimistic that it could contribute billions to the national economy.
“Today’s announcement is additional evidence that the UK is an exceptional place for business, with an open and outward-focused economy that drives the growth people can experience in their local areas.”
The UK will join the agreement with eight of the 11 current members of the bloc, who initially approved the UK's accession on Sunday.
These countries include Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia, and Brunei.
The deal will officially take effect on Christmas Eve with Australia, which ratified the agreement at a later stage.
Canada and Mexico have yet to fully finalize the UK’s membership, but it is believed that officials expect them to do so in the future.
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