The United Kingdom is exploring options to become a member of the Trans-Pacific Partnership (TPP) to boost exports after it leaves the European Union (EU) in March 2019 and has held informal discussions with the tradegroup, say British media reports. The UK department for international trade is said to be developing the proposals to join the group.
TPP is regrouping after it lost the United States last year. The 11 remaining members include Canada, Mexico, Singapore and Australia. If the proposals fructify, the United Kingdom will be its first member without having borders on the Pacific Ocean or the South China Sea.
Any agreement would likely have to wait until TPP has been revised after the United States withdrew and Brexit departure is settled, the reports say. The United Kingdom is not allowed to make trade deals before it formally leaves the EU.
Combined spending from the 11 TPP countries make up less than 8 per cent of the UK’s export market. The plan to join TPP has attracted criticism from some domestic political quarters. (DS)
SourceFibre2Fashion News Desk – India