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01 Feb 2021 | 12:38

UK makes request to join trans-Pacific trade deal

(Sharecast News) - Britain made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Monday. The UK is seeking membership of the 11-country deal to bolster its trade opportunities following its exit from the European Union.

Trade Minister Liz Truss said that it would position the country "at the heart of some of the world's fastest-growing economies".

The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.

Britain is trying to seek out new trading partners and deals as it adapts to its new relationship with its biggest trading partner, the EU.

Trade between the bloc and its former member is no longer frictionless, having been replaced with a thin agreement, some observers argue in many cases is making exporting to the EU more complicated and expensive.
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