It has been 1 month since Britain was officially free from alliance with the European Union after the Brexit agreement was reached successfully before 31 December. According to the latest report, Britain has made an official request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Monday.
The UK hopes their countries can become members of an agreement involving 11 countries in the hope that it can be an initial step in opening more trade opportunities. According to UK trade minister Liz Truss, the move could put Britain at the forefront of the world's fastest-growing economies.
According to analysts, the UK is currently in the phase of adjusting to new trade conditions with the European Union (EU) despite being a little stressed by the ties that make exports to the EU more complicated and expensive.
With the CTTPP agreement, the UK can enjoy tariff abolition of up to 95% between member countries namely Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
Britain argues that the withdrawal from the EU is a right decision because the UK has been free to enter into trade agreements with other countries. The market is optimistic that multilateral trade ties could strengthen the UK economy.
