The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement involving the Pacific Ocean countries. It has 11 signatories – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. These countries together account for 13.4 per cent of the global GDP. They have a market of 500 million people.
The signatories of CPTPP have agreed to initiate negotiations with the United Kingdom for the latter’s entry. The UK’s induction into this trade alliance would help it reduce its trade dependence on Europe and enable it to have access to a market similar in size to the EU.