UK looks set to join Trans-Pacific Partnership trade group after Brexit
Trade Secretary Liam Fox’s bid would make the UK the first country in the group that does not border the Pacific or South China Sea
BRITAIN has already held an informal summit on joining the flagship Trans-Pacific Partnership in a bold move to put rocket boosters on exports post Brexit.
Trade Secretary Liam Fox’s bid would make the UK the first country in the group that doesn’t border the Pacific Ocean or the South China Sea.
It is understood membership of the TPP has not yet been discussed by the UK Cabinet but British officials have floated the idea in meetings with counterparts from Australia, New Zealand and other TPP countries.
Some countries from the trading group welcome the idea of another G7 economy as a member.
Trade minister Greg Hands told the FT there were no “geographical restrictions” on Britain joining the 11 strong TPP group that the US left last year.
He added: “Nothing is excluded in all of this. With these kind of plurilateral relationships, there doesn’t have to be any geography restriction.”
But it’s likely any deal would have to wait until the agreement on the UK’s exit from the EU has been settled.
Britain joining would also be a huge boost for the TPP, which accounts for about 8 per cent of UK exports, after it was severely damaged when US President Donald Trump withdrew last January.
The discussions come as Fox embarks on a three-day trip to woo Chinese businesses.