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It is widely expected that the United Kingdom will join in A comprehensive and progressive agreement for the Trans-Pacific Partnership (cptpp), also TPP11, as it seeks to strengthen economic relations with new partners after its secession from the European Union.
“We’ve made great progress in the negotiations cptppBut we haven’t succeeded yetSunak told reporters on Thursday during a visit to the British Atomic Energy Agency in Oxfordshire, north of London. “But given the situation, that’s a huge benefit of Brexit, our ability to go and sign interesting trade deals around the world.“.
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Britain will be the first new member of the CPTPP since the bloc was formed five years ago. Other members include Brunei, Chili pepperMalaysia MexicoNew Zealand PeruSingapore and Vietnam.
The UK already has bilateral trade deals with more than half of its 11 member states, but joining the agreement will make it easier to trade with a group of countries that account for around 13% of global economic output.
Government Sunak Thinks that being a member of cptpp It is a key opportunity to start reversing the economic impact of the sharp trade decline with the European Union, Britain’s largest partner, since its exit three years ago.
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Trade ministers will meet on Thursday and are expected to give the go-ahead for the UK to join, with an announcement likely to be made on Friday.
Since Britain’s exit from the European Union United kingdom tried to tilt its foreign policy towards the Indo-Pacific region, and Sunak It struck defense deals with Australia and Japan earlier this year, as part of an effort to counter China.
CPTPP membership would align Britain with the region and require it to follow the bloc’s standards on products, including food. It would also give the United Kingdom a direct voice in regional affairs.
Regional trade agreements dominate much of world trade. The Regional Comprehensive Economic Union (RCEP) and the United States, Mexico and Canada Agreement (USMCA) are the largest.
“China has applied to join, and they can probably coax/coerce quite a few members cptpp to say yes”, the trading expert wrote on his blog Sam LoweConsulting partner Flint Global. “Once a member, the UK will simply say no to China. This provides cover for other members and allows them to effectively hide behind the UK’s welcoming intransigence.“.
However, the economic gains for Britain are limited. The UK’s own forecasts, published in 2021, show that joining the cptpp The UK economy will only strengthen by 0.08%, in part due to the presence of bilateral agreements. That could increase if the agreement extends to other countries, such as Thailand And South Korea.
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“There may also be future gains from adding new members. CPTPP will also bring us closer to important allies in keeping global markets open such as Japan and Singapore.“, He said David HingeDirector of the UK Trade Policy Project at the European Center for International Political Economy.
However, this is a business transaction.”Superficial“which mainly focus on low tariffs”In the same way as the current free trade agreements with nine of the eleven members“, He said Hennig.
