andy li CpsTAUPoScw unsplashPhoto: Andy Li, unSplash

Canada may begin to see more food and beverage products from the U.K. following the announcement that the U.K. has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. It succeeded the Trans-Pacific Partnership which the U.S. withdrew from in 2017. 

The country is the first new member, and the first in Europe, to join the partnership since it came into force in 2018.

The U.K. government said membership would reduce tariffs on British dairy products and other goods and remove red tape for services, boosting the U.K. economy by 1.8 billion pounds (US $2.2 billion) "in the long run."

The Dairy Famers of Canada issued a statement following the announcement, stating "this will provide the U.K. dairy exporters with access to the Canadian market. We expect the Canadian government will be vigilant to ensure that the dairy products coming into Canada adhere to our domestic standards for food safety and production and that any volumes allowed into Canada are enforced according to the terms of the agreement."

The bloc is home to more than 500 million people and will be worth 15 per cent of global GDP once the UK joins. 

According to a Reuters news report, a previous U.K. "government impact assessment estimated the deal would add just 0.08 per cent to GDP in the long term, but Britain has strategic - not just economic - motives, as it can now influence whether applicants China and Taiwan may join the group."

China, which has the world's second-largest economy, has applied to join. 

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