Liz Truss: 'Gross failure of French intelligence' left Macron blindsided
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The Foreign Secretary is seeking to obtain Mexico’s continued support of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade area. The agreement has eleven signatories which have combined economies representing approximately $13.5 trillion (£9.88trillion).
During her visit, Ms Truss will also open the new British Embassy building in Mexico City after the previous one was damaged in the 2017 earthquake, and attend an AstraZeneca vaccine bottling site before a dinner with celebrity chef Fernando Stovell.
Ms Truss is travelling directly from the United Nations Assembly in New York which she has been attending with prime Minister Boris Johnson throughout the week.
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How big are the member countries?
If Britain joins the CPTPP group if will be the trade area’s second-largest economy after Japan.
The group already represents a total of 13.4 percent of global gross domestic product and in 2019 countries in the group accounted for £110billion worth of trade.
UK trade with member countries also grew by eight percent annually between 2016-19.
Relationship with Mexico has ‘huge potential’
The Foreign Secretary said the UK’s relationship with Mexico has “huge potential” and closer ties are “a key part of the plan.”
Ms Truss added: “Closer ties with Mexico are a key part of our plan to strengthen economic, security, and diplomatic links with like-minded allies who share our belief in free enterprise and free trade.
“A trade deal with Mexico, for example, will pave the way for us to join the CPTPP, one of the world’s biggest free trade areas.
“It could open vast new opportunities for businesses, support jobs across Britain, and help ensure we play a key role in an open and dynamic Indo-Pacific.”
Who has signed the CPTPP deal?
The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
In June the CPTPP announced that the accession process would begin after the UK applied to join in February.
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