Jacob Rees-Mogg celebrates free trade Brexit victory from Liz Truss – ‘Key to prosperity’
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It came after 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreed to start negotiations for Britain’s entry. Joining the CPTPP is one of UK trade minister Liz Truss’ key plans to refocus the country’s relations following Brexit.
The current CPTPP members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Taking to Twitter on Wednesday, Ms Truss wrote: “Excellent news that CPTPP nations have agreed UK accession process will commence to join this dynamic free trade area of 11 countries.
“We’ll present our plans to Parliament in the coming weeks before starting negotiations.”
In response to Ms Truss’ comments, Mr Rees-Mogg tweeted: “Free trade is always the key to prosperity.”
Ms Truss has already begun direct trade talks with Australia but she is hopeful that a broader deal within the region will follow.
Yasutoshi Nishimura, Japan’s minister in charge of negotiations, said Britain joining the CPTPP would strengthen economic ties between the UK and Japan.
He added that the move would give Britain access to a market similar to the size of the EU.
In a joint statement, the CPTPP ministers said: “The commencement of an accession process with the UK and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world of our commitment to support a free, fair, open, effective, inclusive and rules-based trading system.”
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The CPTPP removes barriers such as quotas and tariffs but, unlike the EU, it does not aim to create a single marker or a customs union or create wider political integration.
Ms Truss has refused calls from opposition MPs to provide an economic assessment of the benefits of the UK joining the Asia-Pacific agreement.
The process of Britain joining the CPTPP starts with the forming of a working party to assess the UK’s compatibility with the trade deal.
The UK said it would work with Japan, who are chairing the group this year, to conduct talks as quickly as possible.
Last October, the UK negotiated its first major post-Brexit trade deal with Japan.
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