Talks on one of the biggest post-Brexit trade deals the UK has ever seen have got underway. Negotiations begin with a Pacific free trade bloc that will create “unparalleled opportunities” for UK businesses – worth around the £9trillion.
An agreement would give Britain greater access to some of the world’s biggest economies as well as those on the rise in an area with a population of more than half-a-billion. The start of talks is said to be “a landmark moment for the UK as a post-Brexit independent trading nation.”
International Trade Secretary Liz Truss is representing Britain in its discussions with the Comprehensive & Progressive Agreement for Trans-Pacific Partnership – a bloc made up of 11 countries – Australia, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
UK exports to those nations are set to increase by £37billion by 2030, and the deal would increase that by at least £3.3billion, although the figure is expected to be much higher as firms take full advantage of the changes in the fast-growing economies.
A deal would lower tariffs on goods like cars and whisky and open up new markets for UK farmers, but unlike the EU, membership does not require Britain to give up control over its laws and money.