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Japan, Australia and other members of a trans-Pacific trade pact have asked Britain to reconsider tariff conditions in its entry negotiation talks, Jiji news reported on Monday.
Britain has opposed expanding the target of tariff-free items, particularly among agricultural products, to near 100% as set by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and instead agreed to lift tariffs for only 90% of imported products, Jiji said without citing sources.
The CPTPP countries had agreed in February that Britain could proceed with its bid to join the group, formed by Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.
Britain is set to resubmit its tariff conditions following the request, which would make an agreement among the members to Britain’s entry to the pact by year-end unlikely, Jiji reported.
Source: The Edge Markets
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