The United Kingdom on was given the green light to begin the process of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The UK formally applied to join CPTPP in February. “CPTTP membership is a huge opportunity for Britain. It will help shift our economic center of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia-Pacific,” said UK Trade Secretary Liz Truss.
The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, some of the world’s largest pork-consuming nations. The UK government plans to publish its outline approach, scoping assessment and consultation response before negotiations start in the coming weeks, Truss noted.
One of U.S. agriculture’s top trade priorities is for the U.S to re-join CPTPP, which would provide significant, new market opportunities for U.S. exporters. In related news, the UK announced this week that it is seeking to strike a trade agreement with Australia by mid-June. The two countries have been involved in ongoing talks since the fifth negotiating round began on May 4.