The UK is on the approach of forming a partnership with New Zealand, which would open up a £9 trillion trade zone.
Global Britain supporters believe International Trade Secretary Liz Truss is close to reaching an agreement with New Zealand that will fulfill Brexit’s promise and pave the way for a new partnership with some of the world’s most dynamic economies.
Last week, the UK and New Zealand finished their latest round of free trade discussions, and Ms Truss claimed the two countries are “closing in on a deal that would be one of the most advanced achieved by any nation.”
There is optimism that a successful agreement will accelerate efforts to join a £9 trillion trans-Pacific free trade zone, opening up new markets for British exporters.
The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership includes 11 countries: Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam (CPTPP).
“New Zealand will be Liz’s next big deal,” a government insider said. It’s valuable in and of itself, but it also clears the way for us to join the Trans-Pacific Partnership, which will strengthen Britain’s ties with the world’s fastest-growing economies.
“The Kiwis demonstrate that it is feasible to have zero tariffs while maintaining high standards, and they are precisely the type of country with which we should pursue a trade agreement. Liz is putting in a lot of effort to close a deal.”
“The center of global economic gravity is going towards the Indo-Pacific, which is where we need to position ourselves in the next decades,” Ms Truss told the Sunday Express. A deal with New Zealand would pave the path for us to join this high-standards alliance alongside ten other sovereign states.
“Becoming a member would give us access to a collective market of half a billion people across four continents, opening up enormous prospects for Midlands-made automobiles, Welsh lamb, and Glasgow-based fintech.”
The South West Norfolk MP wants Britain to form “closer relationships with reliable allies in order to enhance the global alliance of democracies committed to free and fair trade.”
The prospect of finalizing the New Zealand agreement and gaining CPTPP membership has piqued Tory interest.
“It has been obvious for a number of years that the EU is accounting for an ever-decreasing percentage of international trade,” former Brexit minister David Jones said. “Brinkwire Summary News”: “Brexit provides us the opportunity to forge ahead.”