The Trans-Pacific Partnership (TPP) trade bloc expressed readiness to open participatory negotiations with the UK.
The British government, which asked to join the TPP last February, said the membership was a huge opportunity in the post-Brexit world.
A working group is now expected to be formed to discuss tariffs and regulations governing trade and investment.
However, the UK is not expected to join the TPP for now, as negotiations may take until next year.
UK international trade secretary Liz Truss said in a statement that the decision to start the participation process was good news.
This is because, the UK’s economic resources will not only be concentrated in Europe alone, but also target fast-growing parts of the world, besides being able to expand Britain’s access to large consumer markets in Asia Pacific.
He added that the UK would get all the benefits from joining a high-level free trade area, without having to hand over control over their borders, money or laws.
Truss also said that the government will submit a plan to Parliament in the next few weeks before starting negotiations.
Since Brexit, the government has continued to seek many trade agreements other than the European Union (EU), but so far, the UK has yet to sign agreements with new countries or trade areas.
