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UK 'Keen On Joining Trans-Pacific Partnership'

by Jason Gorringe, Tax-News.com, London

04 January 2018


The UK is reportedly interested in joining the Trans-Pacific Partnership (TPP) negotiations after it leaves the EU.

The Financial Times reported that informal talks had already been held.

The paper said that Greg Hands, a UK trade minister, had told it that "Nothing is excluded in all of this."

"With these kind of plurilateral relationships, there doesn't have to be any geographical restriction," Hands added.

TPP was signed in February 2016 but implementation was put on hold after Donald Trump withdrew US participation in January 2017. The original text provided that the deal could only enter into force once approval had been sealed from at least six countries representing at least 85 percent of the bloc's combined GDP, a condition the US's withdrawal made impossible to fulfill.

In November 2017, Australian Trade Minister Steven Ciobo said that a revised agreement between the 11 remaining signatories was "90 percent completed." However, Canada is continuing to push for additional changes.

The Financial Times reported an official from an unnamed TPP country as stating that it was "way too soon" to discuss UK accession to TPP prior to its official withdrawal from the EU.

TAGS: investment | free trade agreement (FTA) | export duty | tariffs | trade treaty | investment treaty | Australia | United Kingdom | agreements | Canada | import duty | trade | European Union (EU) | Europe

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