By Tony Winterburn •
Published: 31 Jan 2021 • 6:32
Britain In £9trillion Trade Zone Talks With Trans-Pacific Pact. image: Singapore Trade Group Press
Britain In £9trillion Trade Zone Talks With Trans-Pacific Pact.
The UK is applying to join a free trade area made up of 11 Asia and Pacific nations, under its post-Brexit plans.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership – or CPTPP – includes Australia, Canada, Japan and New Zealand. In total, it covers a market of around 500 million people, generating more than 13% of the world’s income. International Trade Secretary Liz Truss will make the request on Monday, Feb.1, with negotiations expected to start in the spring.
The talks would ultimately trigger cuts in tariffs in industries such as food, drink, cars and tech industries. The UK would then form closer alliances with 11 current members including Australia, Canada, Japan, Malaysia and Singapore.
The UK’s trade last year with the group was worth £111billion, according to government figures. Membership of the Comprehensive And Progressive Trans-Pacific Partnership (CPTPP) removes tariffs on 95 per cent of goods traded between members and offers greater access to nearly £9trillion of GDP covered by its members.
The EU trade bloc in terms of GDP was worth £14.5trillion in 2019 when the UK was still a member. The UK GDP was £2.2trillion in 2019. Benefits of being in the CPTPP will include eliminating tariffs quicker on our exports such as whisky, allowing data to flow freely and letting cars made in the UK use more Japanese parts under “Rules of Origin” laws.
Prime Minister Boris Johnson said: “One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain. “Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade.”
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