UK is looking for new trading partners
The UK Government has today signed up to the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership. It is one of the most important agreements and will increase trade with participating countries by lowering import tariffs.
The UK became the first European nation to join the regional trade bloc, founded in 2018. It includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
"This is a modern and ambitious agreement, and our membership of this exciting, growing and forward-looking bloc is proof that Britain's doors are open for business. Brits work for partner companies and our membership will create many, many more opportunities for all our people. It will also open up access to huge markets that are the future of trade," said UK Secretary for Business and International Trade Kemi Badenoch.
Since leaving the European Union and the European single market on 1 January 2021, the UK has been seeking trade deals to boost its international trade. London has notably concluded trade deals with the EU and other European countries, but also with countries further afield such as Australia, New Zealand and Singapore. Talks are ongoing with India and Canada.
