International
UK request for readiness to join Pacific trade partnership | World News
LONDONR (AP) May be on the other side of the world, but that does not stop the UK from applying to join a trade partnership in and around the Pacific Ocean.
A year after formally leaving the European Union, the British government said on Saturday that it wants to join the 11-nation Comprehensive and Progressive Trans-Pacific Partnership Agreement.
International Trade Secretary Liz Truss is set to speak with officials in Japan and New Zealand on Monday to formally make the request. Negotiations are expected to begin this year.
The government says joining the partnership will deepen ties with fast-growing economies, including Mexico, Malaysia and Vietnam.
The United States, the world’s largest economy, is not part of the partnership; former President Donald Trump, withdrew the country from his predecessor, the Trans-Pacific Partnership. China, the world’s No. 2 economy, also does not belong.
The purpose of the UK to join is to benefit from lower tariffs for the British economy. The government says the partnership removes tariffs on 95% of goods traded between members.
It is a much looser arrangement than that for EU members, which the UK formally withdrew on 31 January 2020, as the Trans-Pacific agreement does not involve deep political integration.
“Applying to be the first new country to join CPTPP shows our ambition to do business on the best terms with our friends and partners around the world and to be an enthusiastic global free trade champion,” he said. Prime Minister Boris Johnson.
The UK trade with the partnership was worth 1 111 billion (about $ 152 billion) in 2019, with Japan accounting for almost a quarter. Although substantial, the amount is about six times less than the UK business doing with the EU.
Late last year, the British government signed a free trade agreement with the EU that sees zero tariffs and quotas on traded goods, although there are other costs to business from increased forms and customs controls.
Supporters said one of Brexit’s main benefits lies in the UK’s ability to conclude its own trade deals around the world. The EU is negotiating trade agreements on behalf of its member nations, which now number 27 after the UK withdrew from the bloc.
The British government insisted that the National Health Service and the price it pays for medicines are not for sale in any trade negotiations and that it will not sign trade agreements that compromise high environmental protection, animal welfare and food standards.
Sue Davies, head of consumer protection and food policy at the consumer rights organization Cila ?, said the government needs to ensure that joining the partnership does not lower standards.
Importers’s important that consumer interests be at the heart of government trade policy, as the success of future deals will be judged by what they give to millions of ordinary people in their daily lives, not just by the export opportunities they provide. offer, said Davies.
Follow all the AP stories about Brexit and British politics at https://apnews.com/Brexit
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed without permission.
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