The CBI is reaching out to its members for inputs on what business thinks of the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
CPTPP is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Combined, these 11 economies represent close to 14% of total global GDP. This puts it just one percentage point behind the economy of the United States, while the CPTPP also provides a marketplace of over 500 million consumers. If treated as a single bloc, UK trade with the members of the CPTPP amounts to £110bn, smaller than UK trade with the EU, the US or Germany but ahead of China.
In June 2020, Secretary of State for International Trade, Liz Truss confirmed that the Department for International Trade (DIT) is formally pressing ahead with a bid to join the CPTPP, with the free trade