Why Britain wants to join a Pacific trade deal

The rules of origin requirements are a little more useful, according to Sam Lowe at the Centre for European Reform.

“The benefit of having an agreement with all of these countries instead of individual bilateral agreements is that you can use inputs from other members when trying to meet local contact thresholds, which makes it a bit easier to qualify for tariff-free trade,” he says.

...The most important impact might be on Britain’s reputation.

“Much of the rest of the world views Brexit as an extension of the Trumpian phenomenon, and an example of nationalism winning out over liberal ideas,” says Lowe. “In applying to join the CPTPP, it allows the UK to say, no: Brexit was a self-contained phenomenon, we are still in favour of rules-based trade.”