International Trade Secretary Liz Truss said she hoped the negotiations to conclude a Comprehensive and Advanced Agreement (CPTPP) would be completed by the end of next year. Australia, Canada, Japan and Singapore are members and include Brunei, Chile, Malaysia, Mexico, New Zealand, Peru and Vietnam.
Ms Truss said the post-Brexit trade agenda was followed by a meeting of 11 countries with the UK government focusing on the “global UK”.
He stressed that Britain would benefit from the largest “economic growth in the Asia-Pacific region” if negotiations were completed within the next year.
The minister added: “Two-thirds of the world’s middle class will live in Asia by 2030 and the types of goods they demand will be produced in the UK — those high-value manufactured goods, high-quality food and beverage, digital, data, financial products and services.
Ms Truss said the UK should look for business opportunities outside the EU as the economic size of the alliance shrinks.
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Ms Truss hoped the US would join the alliance after she left in 2017 to move the US-UK trade deal forward.
He added on Payne’s political podcast: “The United States was one of the first parties in the Trans-Pacific Alliance, and the new administration does not want to join it.
“But who knows what will happen in the future.”
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To facilitate access, the UK enters into bilateral trade agreements with CPTPP countries.
Ms Truss said she plans to begin talks with Canada and Mexico in the coming months.
The trade agreement with New Zealand is expected to expire in the coming days.
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