The UK government has announced that on Monday it will apply to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), with formal negotiations set to start this year.
Commenting on the news Miles Celic, Chief Executive Officer, TheCityUK, said,
The UK’s application to this significant free trade area sends the clearest signal yet that Britain is determined to make the case for open global markets and trade, and to be ambitious and outward-looking in its trade and investment policy.
“Joining the CPTPP will allow the UK to work with its other members on key priority areas for services industries such as ours, including data, cross-border payments, and the mutual recognition of professional qualifications. The British services industry is world leading, and offers a mutual benefit for the rapidly growing middle class in the region. Moreover, joining CPTPP offers a further platform to make the case for open markets and the liberalisation of services trade, a significant prize for the UK and the global trading system.”