Japan, which chairs the accession group of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of 11 countries, confirmed the UK had moved into the final stage overnight.
Accession to the group could see tariffs on 99.9 percent of UK exports slashed, opening up massive new trading opportunities for British businesses.
Secretary of State for International Trade Anne-Marie Trevelyan said: “CPTPP is one of the largest and most exciting free-trading clubs in the world.
“Today’s announcement is a major milestone for us joining this dynamic group of economies and means the finish line is in sight.
“I look forward to visiting Asia next week and flying the flag for Global Britain by holding valuable trade talks with key partners across the Indo-Pacific region and pushing to secure CPTPP accession by the end of the year.
“This is just one aspect of our Indo-Pacific strategy, which will benefit businesses and consumers across every part of the UK and help us to level up at home.”
More to follow…