The United Kingdom on Monday will begin the formal process of joining the 11-nation Comprehensive and Progressive Trans-Pacific Partnership (CPTPP or TPP-11).
It announced Saturday that Secretary of State for Trade Liz Truss will speak to ministers in Japan and New Zealand Monday morning to request UK membership in the free trade area. Formal negotiations for UK membership will start this year.
"One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain," said Prime Minister Boris Johnson in a statement.
"Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade."
The UK first made its intentions known to join the CPTPP in April 2020 and, in June of that year, issued a policy paper reaffirming its position on accession to the CPTPP.
In December, Truss expressed the desire of the UK to formally apply for membership by early 2021. In a speech given on January 20, Truss announced the UK planned to submit an application for participation "shortly."
Truss said the UK joining CPTPP "will create enormous opportunities for UK businesses that simply weren't there as part of the EU and deepen our ties with some of the fastest-growing markets in the world."
She said membership would mean lower tariffs for car manufacturers and whisky producers, and better access for British services providers.
"We're at the front of the queue and look forward to starting formal negotiations in the coming months," according to Truss.
In its membership announcement, the UK said joining the CPTPP will deepen its access to fast-growing Asian and South American markets and major economies, including Mexico, Malaysia, and Vietnam.
Joining the $12.3 trillion (£9 trillion) partnership will cut tariffs for UK industries such as food and drink and cars. It will also creating new opportunities for modern UK industries like tech and services, ultimately supporting and creating high-value jobs across the UK.
Unlike EU membership, joining CPTPP does not require the UK cede control over its laws, borders, and money.
CPTPP removes most tariffs among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
UK trade with the 11 CTPPP member states was worth $152 billion (£111 billion) in 2020, growing by 8% a year since 2016. In 2019, each region and nation of the UK exported at least $1.25 billion worth of goods to CPTPP member countries.
The government said British companies held close to $134 billion worth of investments in CPTPP countries in 2018. In 2019, the UK did more than $150 billion worth of trade with countries in the CPTPP free trade area.
