The UK will formally apply to affix an enormous free commerce pact together with Australia, Canada, Japan and Singapore, below the federal government’s post-Brexit plans.
Asserting the transfer on the anniversary of Britain’s formal departure from the EU, her division stated negotiations have been anticipated to begin later this yr.
The Division for Worldwide Commerce stated UK commerce with the member international locations final yr was price £111 billion.
Prime Minister Boris Johnson stated: “One yr after our departure from the EU we’re forging new partnerships that may carry monumental financial advantages for the individuals of Britain.
“Making use of to be the primary new nation to affix the CPTPP demonstrates our ambition to do enterprise on the very best phrases with our associates and companions all around the world and be an enthusiastic champion of world free commerce.”
Companies welcomed the plans, with the Federation of Small Companies (FSB) saying it could assist corporations “thrive and succeed greater than ever”.
However shadow worldwide commerce secretary Emily Thornberry stated Labour would carefully scrutinise any pact and referred to as on the federal government to seek the advice of the general public.
Ms Thornberry stated: “Like every other commerce settlement, some great benefits of becoming a member of the CPTPP must be assessed as soon as we see the phrases on provide.
“At current, Liz Truss can’t even assure whether or not we might have the proper to veto China’s proposed accession if we be part of the bloc first,” she stated.
“Extra usually, individuals will rightly ask why we’ve been via 5 years of debate in Britain over leaving a commerce bloc with our closest neighbours solely to hurry into becoming a member of one other one on the opposite facet of the world with none significant public session in any respect.”
Ms Truss claimed membership would “create monumental alternatives for UK companies that merely weren’t there as a part of the EU”.
And Confederation of British Trade president Lord Bilimoria stated: “Membership of the bloc has the potential to ship new alternatives for UK enterprise throughout totally different sectors.”
However Sue Davies, head of client safety and meals coverage at Which?, stated ministers should guarantee becoming a member of CPTPP “will carry clear client advantages” and doesn’t dilute requirements.
“It’s important that client pursuits are on the centre of presidency commerce coverage because the success of future agreements shall be judged on what they ship for tens of millions of atypical individuals of their on a regular basis lives, not simply the export alternatives they supply,” she added.