By Alex Glenn • 03 October 2021 • 8:38
Brexit Britain is ready to reap ‘large benefits’ of £9 trillion trading bloc, according to an expert.
The UK has begun the first official round of talks for joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Economics expert Julian Jessop believes that Brexit has allowed the UK to strike new deals and remove trade barriers.
Jessop is an Economics Fellow at the Institute of Economic Affairs. He believes that Britain could join some of the largest economies in the world.
Speaking to The Express, Jessop said: “One of the major benefits of Brexit is the opportunity to lower barriers to trade with faster-growing economies outside the EU.
“This can be done unilaterally, or by signing new deals with individual countries such as Australia, or by joining existing trade agreements like the Asia-Pacific pact.
“All these options will help to boost trade, but the benefits of signing up to the CPTPP could be relatively large, given the number and size of the economies involved.”
In 2019 the CPTPP had a collective GDP of £9trillion. It is made up of 11 nations. The government estimates that joining the CPTPP could see a staggering £1.8 billion boost to the UK economy.
International Trade Secretary Anne-Marie Trevelyan commented on the talks. She said: “This is a big milestone on our path to joining CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies.
“Joining this high-standards partnership will provide real opportunities for UK exporters and service providers and help our innovators open up new, diverse markets.
“Seizing opportunities like this is exactly what Global Britain is about and will help bring high-quality jobs and prosperity to every region of our country.”
Penny Mordaunt, Trade Minister, headed to South Africa to promote “Global Britain”. Before her trip, she said: “Chile and Peru are important strategic trade partners for the UK, and I will be using the visit to explore deeper trade and investment ties with both countries.
“As we kick off negotiations to join CPTPP, there is no better time for British businesses to take advantage of the growing export opportunities in this dynamic part of the world.”
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Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news.
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