'Plurilateral Relationships': UK Could Ditch EU, Join Pacific Trade Group

'Plurilateral Relationships': UK Could Ditch EU, Join Pacific Trade Group

Following the USA withdrawal from the bloc in January a year ago, the remaining members of the TPP - Australia, Mexico, Singapore, Canada, Chile, Japan, Singapore, Brunei, Peru, Vietnam and Malaysia - began renegotiating the agreement under the new title of Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In an attempt to gain new export markets after Brexit, officials have broached the idea of signing up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The UK would be the only member of the group not to border the Pacific Ocean. The Pacific is 4,500 miles from London.

TPP previously included the United States but Donald Trump withdrew from the bloc a year ago, saying: "We've been talking about this for a long time".

In November 2017, Australian Trade Minister Steven Ciobo said that a revised agreement between the 11 remaining signatories was "90 percent completed". Japan, by far the largest economy in the TPP, accounted for just 1.6 percent of the UK's goods exports in 2016, according to MIT's Observatory of Economic Complexity, which compiles global trade data.

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

News of potential trade groups could allow British farmers to "thrive" outside the European Union, following decades of being "boxed in" by the EU's agricultural policies.

The TPP may look attractive to Britain even after the USA withdrawal. -China free trade agreement, Fox said that both countries must first discuss where their "greatest mutual benefits" are.

All 11 TPP countries combined accounted for less than 8 percent of United Kingdom goods exported past year.

Read the Financial Times' full article here.

However, critics said membership of TPP would not compensate for leaving the EU's single market.

The British government is looking at other possibilities, the most important of which is the US.

Tim Farron, the former Liberal Democrat leader, said: "This smacks of desperation.

The EU already has trading arrangements with some countries involved, so how does joining TPP fit in with that?"

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