United Kingdom could join Trans-Pacific Partnership trade group after Brexit

Postado Janeiro 12, 2018

Ministers have held informal talks on joining the proposed free trade group that includes 11 countries bordering the Pacific Ocean, according to the Financial Times.

The TPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Following eight years of negotiations an agreement had been reached, but that was thrown into doubt after President Trump honoured a campaign pledge and pulled out of the trade pact last year.

The proposal, being developed by Liam Fox's Department for International Trade, would make the United Kingdom the first member of the Trans-Pacific Partnership that does not border the Pacific Ocean or the South China Sea.

At the end of past year, Britain received the approval of EU member states to move to the second stage of the exit negotiations - those for the UK's trade relationship with the European Union.

"In these multilateral relations, there should be no geographical constraints", said Greg Hands. He called on the trade secretary, Liam Fox, to explain why it made sense to be discussing aligning regulations with countries on the other side of the world that accounted for 8% of British exports, given the potential losses from a nearer market that accounts for 44%.

Fox is travelling to Beijing and Shenzhen on his first worldwide visit of 2018 to "advance the UK's trade and investment relationship", the Department for global Trade said on its website.

The next phase will focus on the long-term relationship between Britain and the EU.

Barry Gardiner, the Shadow International Trade Secretary, said: "It is not the main event, and at the moment the government is making a hash of that".

Creasy, a leading supporter of the pro-single market campaign Open Britain, said: "The Prime Minister wants us to believe that the economic damage of leaving the European Union will be made up by concluding trade deals around the world - but her own trade minister can't point to a single country that has expressed an interest in a free trade deal with Britain".

Environment Secretary Michael Gove said the government would match these so-called Basic Payment Scheme funds for "a number of years" beyond a two-year transition meant to ease Britain's withdrawal.