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LONDON (Reuters) – The United Kingdom announced on Wednesday it would pursue accession to a revamped version of the Trans-Pacific Partnership.
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“Today we\\xe2\\x80\\x99re announcing our intent to pursue accession to CPTPP, one of the world\\xe2\\x80\\x99s largest free trading areas,” Trade Secretary Liz Truss said.
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The British government said joining CPTPP would help the UK overcome the challenge posed by the coronavirus and would help diversity its trade links.
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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement that links Canada and 10 other countries: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
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Once fully implemented, the 11 countries will form a trading bloc representing 495 million consumers and 13.5% of global GDP, according to the Canadian government. If the United Kingdom were to join, that share of global GDP would rise to about 16%.
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The United Kingdom left the European Union on Jan. 31 but the main terms of its membership remain in place during a transition period until the end of this year. Both the UK and EU hope to negotiate a new free trade deal between them by the end of the year.
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(Reporting by Guy Faulconbridge; editing by Stephen Addison)
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