UK will ask to join free trade bloc CPTPP next week

Membership of trans-Pacific group would entail near-frictionless custom with Australia, Canada, Japan and others

Representatives of the 11 countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Santiago, on March 8, 2018, after signing up to the agreement. The countries are: Singapore, New Zealand, Malaysia, Canada, Australia, Chile, Brunei, Japan, Mexico, Peru and Vietnam. AFP

A general view of an empty Opera Bar at the Sydney Opera House in Sydney, Australia. Australia is a signatory of the CPTPP. Getty Images

Sultan Omar Ali Saifuddien Mosque in Bandar Seri Begawan, the capital of the Sultanate of Brunei, one of the CPTPP's signatories. Courtesy: Flickr / Bernard Spragg

Aerial view of financial district at Santiago de Chile. Chile is one of the South American signatories of the CPTPP. Getty

CN tower in Toronto skyline seen from Lake Ontario, Canada. Canada and Mexico are both signatories of the CPTPP. Getty Images

Tokyo at dusk. Japan is one of the signatories of the CPTPP. Getty Images

Malaysia, pictured here, is also a signatory of the CPTPP. AP Photo

Mexico City. Mexico joins Chile, Peru, and Canada as the signatories of the CPTPP from the Americas. Alamy

Auckland, the capital of CPTPP signatory New Zealand. Corbis

Arequipa Cathedral in Peru. Along with Chile, Peru is one of the two South American signatories of the CPTPP. Getty Images

The small island nation of Singapore relies on trade, including from the CPTPP. Courtesy flickr

The skyline of Ho Chi Minh City, Vietnam, one of the Asian countries that has signed up to the CPTPP. Getty Images

Britain will next week apply to join a trans-Pacific free trade pact between 11 countries with negotiations set to start later this year, the UK government said on Saturday.

UK Trade Minister Lizz Truss will speak to counterparts in Japan and New Zealand on Monday and make the formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Since leaving the EU, Britain has made clear its desire to join CPTPP, which removes most tariffs between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

"One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain," Prime Minister Boris Johnson said.

Reuters reported on Thursday that Britain will not publish an assessment of the economic benefits of CPTPP membership before requesting to join it – contrary to earlier promises.

Previous government economic analyses of Brexit have pointed to small boosts to economic output from additional trade deals.

The government said joining CPTPP would remove tariffs on food and drink and cars while helping to boost the technology and services sectors.

"Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world, and to be an enthusiastic champion of global free trade," Mr Johnson said.