UK signs pact to join pacific trade deal

London, The Gulf Observer: The UK signed a treaty to join a Pacific trade deal on Sunday, formally becoming the first new member since the framework came into force and shifting attention to a list of other applicants led by China, Bloomberg reported.

Business and Trade Secretary Kemi Badenoch signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in New Zealand, the government said in a statement. New Zealand is chairing a meeting attended by 11 trade ministers and delegations from CPTPP economies.

“The United Kingdom has come through the robust accession process and the overall quality of its commitments has set a good precedent for future economies that wish to join,” New Zealand Trade and Export Growth Minister Damien O’Connor said in a separate statement.

CPTPP-owned businesses employ 1% of UK workers, and membership is expected to “turbocharge investment” further, according to the UK government statement. British whiskey and cars are among 99% of current UK goods exports to CPTPP that’s set to be eligible for zero tariffs, it added.

“The UK’s formal accession to CPTPP marks a significant milestone for UK trade, enabling ambitious British businesses to connect with the world’s most exciting growth markets for start-ups, innovation and technology,” Ian Stuart, chief executive officer at HSBC UK, said in the statement.