Joining the group of "fast-growing nations" will boost UK exports, the government says.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership - or CPTPP - covers a market of around 500 million people.
But they are harder to reach than neighbouring markets in Europe.
Members include Australia, Canada, Japan and New Zealand. Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam are also founder members of the bloc, which was established in 2018.
Joining the bloc would reduce tariffs on UK exports such as whisky and cars, as well as service industries.
However the immediate impact is likely to be modest as the UK already has free trade deals in place with several CPTPP members, some of which were rolled over from its EU membership. The UK is negotiating deals with Australia and New Zealand.
In total, CPTPP nations accounted for 8.4% of UK exports in 2019, roughly the same proportion as Germany alone.
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