Two for the price of one! The United Kingdom is on course to win a massive £9 trillion Brexit windfall as a big trade deal approaches.
As trade discussions with Canada are set to begin, the UK is on track to meet its objective of entering a massive free-trade agreement by December 2022.
In February, Britain filed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an 11-member trading group that includes Singapore.
Ministers have taken a step closer after Ottawa showed interest in the UK joining the alliance, according to the Daily Express.
The Department for International Trade is preparing for trade negotiations with Canada ahead of the membership to carve out an enhanced post-Brexit accord.
Officials are close to agreeing on a UK mandate for the two countries’ negotiations in an agreement that will benefit the UK economy by billions, with commerce between the two countries totaling £22.4 billion in 2019.
During a session with her G20 peers in Sorrento on Tuesday and Wednesday, International Trade Secretary Anne-Marie Trevelyan met with her Canadian counterpart Mary Ng.
Ms Trevelyan also met with Gan Kim Yong, Singapore’s minister for trade and industry and the CPTPP’s incoming chairperson.
Ms. Ng’s spokeswoman said she was “looking forward to commencing negotiations for a comprehensive free trade deal” with the United Kingdom.
“An agreement suited to unique bilateral interests and economic priorities might further improve the Canada-UK partnership,” a spokeswoman for the Canadian trade minister said on Wednesday night.
They stated that she “welcomed the United Kingdom’s application to join the CPTPP,” emphasizing the necessity of the CPTPP’s membership being expanded to include economies “able and ready to fulfill its high standard of commitment and ambitious market access outcomes.”
Australia, Canada, and Japan, as well as Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, and Vietnam, are all members of the £9 trillion bloc.
The trade agreement also eliminates 95% of tariffs between its 11 members.
According to sources close to Ms Trevelyan, the UK Government’s “Global Britain” post-Brexit trade plan includes an agreement with the union of 11 countries.
“Hopefully we will be able to tie it down next year, which is extremely exciting,” Ms Trevelyan continued.
“Free trade agreements are enormous, monstrous papers, and you may work on individual chapters and make good progress while keeping the whole picture in mind.”
According to a new UK government research, joining the CPTPP is a good idea. “Brinkwire News Summary.”