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CPTPP: UK joins Japan, Australia, etc. in Trans-Pacific Partnership, ‘biggest post-Brexit trade deal’

CPTPP: UK joins Japan, Australia, etc. in Trans-Pacific Partnership, ‘biggest post-Brexit trade deal’

 


Atlanta/Hong Kong CNN —

Britain has agreed to join a major free trade bloc in the Pacific region.

Korea will be the first new member country and the first European member country to join the comprehensive and progressive Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into effect in 2018.

The government has called the deal the biggest post-Brexit trade deal, but its own estimates suggest that joining the CPTPP will increase UK economic output by less than 0.1% in the long run, or over about 15 years.

We are an open and free trade country and this deal demonstrates the true economic benefits of post-Brexit freedom, British Prime Minister Rishi Sunak said on Friday.

The block is home to more than 500 million people and when Britain joins it will account for 15 per cent of global GDP, Sunaks’ office said.

CPTPP is a free trade agreement signed by 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. After former US President Donald Trump withdrew in 2017, it succeeded to the Trans-Pacific Partnership (TPP).

Britain’s agreement came nearly two years after it began negotiations to join the agreement.

Joining the CPTPP is unlikely to change the UK economy. The UK already has trade agreements with 9 of its 11 current member states.

The deal will also not compensate for the blow to GDP caused by leaving the European Union. The Office for Budget Responsibility, which produces economic forecasts for governments, expects Brexit to reduce UK output by 4% over 15 years, compared to what remains in the bloc.

Being a member of the CPTPP means that over 99% of UK exports to 11 other countries can now be traded duty-free. These include major exports such as cheese, automobiles, chocolate, machinery, gin and whiskey.

By September 2022, the UK had exported $60.5 billion ($75 billion) worth of goods to CPTPP countries, Sunaks’ office said in a statement.

Dairies, for example, sent $23.9 million ($29.6 million) worth of products like cheese and butter to Canada, Chile, Japan and Mexico last year and will benefit from lower tariffs, he added.

The deal also aims to cut bureaucracy for UK businesses. UK companies are no longer required to be residents of an agreement member country to establish a local office or provide services.

Services accounted for 43% of total UK trade with CPTPP members last year, according to Sunaks office.

As part of the CPTPP, the UK is now in a critical position in the global economy to capture opportunities for new jobs, growth and innovation, Sunak said.

Several companies, including Global Bank Standard Chartered (SCBFF) and Pernod Ricard (PDDRF), expressed support for the deal in a government statement.

Pernod Ricards UK Public Affairs Director Anishka Jelicich said participating in the agreement is a huge opportunity for our Scotch whiskey business.

Five of our top 20 export markets are CPTPP members. We expect lower tariffs and smoother access to some of the world’s fastest-growing economies to boost exports from the UK, secure jobs and investment and double sales in some markets.

However, the UK Trade and Business Council has criticized the deal.

When it comes to trade, distance matters. Joining the bloc will not replace the trade we lose with our closest neighbours, and extended supply chains will mock our climate commitments and undermine environmental and food standards in the UK. said in a statement.

Olesya Dmitracova and Hanna Ziady contributed to this report.

Sources

1/ https://Google.com/

2/ https://www.cnn.com/2023/03/31/business/uk-joins-cptpp-trade-agreement-intl-hnk/index.html

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