Business regards the Asia Pacific region as crucial for the UK as it leaves the EU. While trade relations here can never replace the trading relationship with the EU, the region represents the high-end growth potential of the global economy.
The CBI welcomed the Department for International Trade’s (DIT) consultation last year into the future trading relationship with the Asia Pacific region via possible accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), and bilateral agreements with Australia and New Zealand.
The countries of the Asia Pacific region covered by the agreements under consideration represent a collection of both strongly established partners and emerging growth markets for UK business. With over half the countries being members of the Commonwealth, as well as the inclusion of Japan, the UK benefits from both a deep shared history and well-developed commercial ties with the region.
The UK economy will need broad, comprehensive and modern provisions which delive