On Sunday, July 16, Britain officially signed the 'Trans-Pacific' trade agreement, becoming the first country to join since its inception in 2018, paving the way for other applications including those from China and Taiwan. According to Reuters, Kemi Badenoch, the UK Secretary of State for International Trade, stated, 'We are pleased to become the first new member of this agreement.' She added, 'This is a modern and ambitious agreement, and our membership in this exciting, bright, and forward-looking bloc shows that the doors of Britain are open for trade.' The signing of this agreement was part of a meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) held in New Zealand. Chris Hipkins, the Prime Minister of New Zealand, remarked that the path for Britain's accession to this agreement has been 'long and at times challenging,' but having large economies within this partnership connects the Atlantic to the Indo-Pacific and strengthens trade-based regulations in the region. Ministers from member countries will meet on Sunday to discuss various topics, including how to advance new programs and review the agreement. The Trans-Pacific Partnership is a significant trade pact established in 2018 among 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Britain's membership as the twelfth member will reduce trade barriers as the country seeks to deepen its relations in the Pacific following its exit from the European Union in 2020. Other countries seeking to join this pact include China, Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador. Report by Farhad Poladi on the meeting between the US President and the British Prime Minister in London. The G7 group announces an international framework statement supporting Ukraine. The US President visits Britain with the aim of 'strengthening relations.'
Britain Joins the Trans-Pacific Trade Pact
Britain has officially joined the Trans-Pacific trade pact, becoming the first new member since its establishment in 2018. This move is significant as it opens doors for further trade relations and applications from other countries like China and Taiwan. The membership aims to reduce trade barriers and strengthen Britain's economic ties in the Pacific region post-Brexit.
👥 Key Players
📰 What Happened
Britain has officially joined the Trans-Pacific trade pact, becoming the first new member since its establishment in 2018. This membership aims to enhance trade relations and reduce barriers as the UK seeks to strengthen its economic ties in the Pacific following Brexit.
- Britain is the first country to join the CPTPP since its inception in 2018.
- Other countries like China and Taiwan are also seeking to join the pact.
💡 Why It Matters
📚 Background
The Trans-Pacific Partnership is a significant trade agreement that aims to reduce trade barriers among its member countries, enhancing economic cooperation in the region. Britain's membership reflects its post-Brexit strategy to seek new trade opportunities.
🏷️ Entities Mentioned
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