The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) unites more than 500 million people and 15% of the global economy.
For the UK, it is the biggest trade deal reached since leaving the EU three years ago.
After more than two years of negotiations, the United Kingdom announced in March that it had reached an agreement to join the bloc, which was created in 2018. London is the first new member to join the pact, which includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
“As the first new member of the CPTPP, we are proud to join this extraordinary community of 12 economies spanning Asia, the Pacific and now Europe.“, British Trade Minister Chemie Patenock said.
“This is a modern and ambitious deal and our joining of this exciting, growing and forward-looking alliance is proof that the UK’s doors are open for business,” he continued.
Badenoch said more than half a million Britons already work in companies in the bloc’s member countries.
According to Japanese Economy Minister Shigeyuki Goto, the European country’s accession strengthens the bloc and “establishes an exemplary precedent for the future”.
The deal comes as the UK seeks greater engagement with the Indo-Pacific region, although some observers have called it a paltry deal compared to the country’s trade with its EU-27 neighbours.
New Zealand Prime Minister Chris Hipkins said joining the region was great news: “Trade is not only a priority for this Government, it is essential to our economic recovery and improving the lives and livelihoods of all New Zealanders.“.
After leaving the EU, the UK has also signed separate trade deals with Australia and New Zealand.
The US is no longer part of the bloc after former President Donald Trump pulled out of the Trans-Pacific Partnership.
China has already asked to join the bloc.
