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Sunday, 21 July 2024
Britain aims to conclude Pacific trade group talks by end of 2022

The Japan Times reported according to Reuters that the Financial Times reported on Saturday, citing International Trade Secretary Liz Truss, Britain aims to conclude negotiations to join the trans-Pacific trade group by the end of 2022.

Truss told the newspaper: “We will be able to have concluded negotiations by the end of next year.”

She argued that the deal would help Britain benefit from economic growth in the Asia-Pacific region.

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Britain received a green light in June to start the process of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership of 11 countries — Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.

Truss told the FT she expects trade between the United States and Britain could be liberalized if Washington rejoined the group.

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Then-President Donald Trump pulled the United States out of a forerunner of the trade pact in 2017.

She said: “The United States was one of the initial parties in the Trans-Pacific Partnership, and the new administration has not indicated they want to join it. But who knows what might happen in the future.”

Source: japantimes