WEB DESK
The UK has signed a deal to join a trade pact with 11 Asia and Pacific nations, three years after it officially left the European Union. The government said, joining the group will boost UK exports by cutting tariffs on goods such as cheese, cars, chocolate, machinery, gin and whisky.
However, the government’s own estimates show being in the bloc will only add 0.08 percent to the size of the UK’s economy.
The trade area covers a market of around 500 million people.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) was established in 2018, and includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Membership of the CPTPP loosens restrictions on trade between members and reduce tariffs, a form of border tax, on goods.