On February 1, the United Kingdom formally applied to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
British Prime Minister Johnson stated that applying to become the first new member of the CPTPP one year after “Brexit”, “shows the ambition of the UK to trade with partners around the world under the best conditions and become a champion of global free trade”.
Britain’s Secretary of State for International Trade Truth said that he looks forward to the formal start of negotiations in the next few months. She said that joining the CPTPP will increase Britain’s access to fast-growing markets and major economies, reduce tariffs in the UK’s food, beverage, and automotive industries, and create new opportunities for modern industries (such as technology and services).
The predecessor of CPTPP is the "Trans-Pacific Partnership Agreement" (TPP). It was signed at the end of 2018 to eliminate trade barriers among member countries. The agreement covers 498 million people. The total GDP of the member countries accounts for about 13%. According to data released by the UK Department of International Trade, the trade volume between the UK and CPTPP members reached 111 billion pounds (approximately US$152.1 billion) in 2020, an annual growth rate of 8% since 2016.