UK officially joins Indo-Pacific trade bloc CPTPP

Britain on Sunday became the first European nation to join a major Indo-Pacific trading bloc. The UK is officially now the 12th membe of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The bloc comprises Canada and Japan, Australia, New Zealand, Brunei, Chile, Malaysia, Mexico, Peru, Singapore, and Vietnam. The UK, following its 2016 Brexit referendum, is attempting to establish new trade deals abroad after signing the accession treaty with most EU members. Established in 2018, the bloc safeguards against Chinese hegemony in the region, providing British companies access to a market of over 500 million people, contributing over 15% of the world’s GDP.
The UK formally signed the accession treaty last year. Officials hope membership will boost Britain's flagging economy by as much as £2.0 billion ($2.5 billion) a year. According to government figures, the value of UK total trade in the 12 months to the end of September was £1.7 trillion.Britain has secured a number of post-Brexit trade deals, including with Australia, New Zealand and Singapore since it left the EU's single market at the start of 2021.
It is also pursuing one with Gulf countries, and last month Labour Prime Minister Keir Starmer announced that Britain and India are to resume stalled talks to agree a free trade deal. A much sought-after trade deal with the United States remains elusive and could become even less likely when Donald Trump enters the White House in January. A deal with Canada has also failed to materialise.