Britain on brink of giant Trans-Pacific trade deal in £8trillion Brexit boost
BRITAIN is close to becoming the 12th member of the giant Trans-Pacific Partnership — in an £8trillion Brexit bonanza.
Entry talks were possible only because the UK left the European Union.
And it has opened the door to a free trade alliance that includes Japan, Australia, Malaysia, Mexico, New Zealand and Singapore.
The two-year negotiations are to conclude within days, giving the UK access to a combined £8.1trillion market.
The 11 other members account for 13 per cent of all global domestic product and 15 per cent of global trade.
Last night, No10 said: “Negotiations have been proceeding well on CPTPP and ministers are due to have discussions with their counterparts later this week.”
And the Department for Business and Trade has hailed “great progress” towards the UK’s entry.
The UK would be the first non-founding member of the group which also includes Brunei, Canada, Chile, Peru and Vietnam.
It is designed to tear down red tape, tariffs and other trade barriers between members and covers virtually all sectors in a win for British exports.
Government projections say exports to TPP countries could increase to 65 per cent by 2030 — a gain of more than £35billion.
Professor Stephanie Rickard of the London School of Economics, said: “The UK is trailblazing. This is changing the agreement from being a regional agreement to a global agreement.”
The Institute of Economic Affairs called it a “seismic geo-economic event”.
It added: “For the first time, a major G7 country has chosen to accede to a regional grouping not because it is part of that region but because it represents liberal values and provides ecomonic opportunities.”
Membership was championed by ex-PM Liz Truss, with Rishi Sunak taking up the cause when he took over.
However as PM he slowed down talks, warning it was better to get the right terms rather than a quick fix.