The 11-member trans-Pacific trade pact that includes Japan and Australia is expected to soon reach a broad agreement with Britain. An official announcement is expected to be made soon, added sources seen by Reuters, where the information has not been made public.
Britain says negotiations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are going well. Prime Minister's spokesman Rishi Sunak said ministers would discuss the CPTPP with their counterparts this week.
Britain has sought to build global trade ties following their withdrawal from the European Union, and then they began negotiations in June 2021 to join the CPTPP group as they look to move towards a geographically distant economy.
Other members of the CPTPP group are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Having this membership will complement Britain's existing bilateral trade agreements with several member states, with the overall aim of further reducing tariffs on goods and reducing barriers to services and digital trade.
"We are making significant progress on the UK's accession to the CPTPP, and aim to conclude negotiations at the earliest opportunity," said a spokesman for Britain's business and trade ministry.
