The move is part of the UK’s plan to diversify its trade post-Brexit. International Trade Secretary Anne-Marie Trevelyan said this is a big milestone on the UK’s path to joining CPTPP, which will allow the country to forge stronger links with some of the world’s fastest-growing economies. Joining will provide real opportunities for UK exporters and service providers and help UK innovators open up new, diverse markets, Trevelyan said.

The CPTPP is a free-trade agreement with removal of 95% of tariffs signed in 2018 between 11 countries including Australia, Canada, Japan, and Vietnam. This free trade area is estimated to make up 13% of the global GDP.