U.K. to Join Indo-Pacific Trade Bloc in Major Post-Brexit Pact

The bloc is home to 500 million people and will be worth 15% of global GDP once the U.K. joins, according to the International Monetary Fund. Photo: Bloomberg

(Bloomberg) — The U.K. will join an 11-nation Indo-Pacific free-trade bloc, becoming the first new member since its creation, in a bid to strengthen economic ties with new partners following its divorce from the European Union.

Prime Minister Rishi Sunak’s government sees membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Australia, Japan and Canada, as a boost for economic growth and geopolitical relations. The U.K. expects growth of £1.8 billion ($2.23 billion) each year over the long-term, a figure that could rise if other countries join the bloc.