British Prime Minister Sonak issued a statement on Friday that after nearly two years of negotiations in the founding country of the United Kingdom and CPTPP, it reached an agreement.Although some critics believe that this is still difficult to make up for economic damage caused by Britain's departure from the European Union.However, Sunak emphasized that the agreement showed Britain that "the opportunity brought by the freedom of new trade after Brexit".
Michael Xin sorted
(London Composite Electric) Britain announced that it will join the Cross Pacific Partner Comprehensive Progress Progress Agreement (CPTPP), becoming the first European country to join, and the first time that this trading group has approved 11 members other than the starting country to join.
British Prime Minister Sonak issued a statement on Friday (March 31) saying that after nearly two years of negotiations, the founding country of Britain and CPTPP reached an agreement."Join CPTPP Trading Group, allowing Britain to enter the center of the Pacific Economic Circle that continues to grow."
After Brexit in early 2020, Britain actively reshaped its own global trade network, especially seeking deepening relationships with the Asia -Pacific region.This is the largest trade agreement reached after Brexit.
The British Prime Minister's government said that next, all member states of the United Kingdom and CPTPP will complete the final law and administrative steps so that Britain will officially join the CPTPP this year.
Although some critics believe that this is still difficult to make up for the economic damage caused by Britain's global world's largest world -larger trading alliance.However, Sunak emphasized that the agreement showed Britain that "the opportunity brought by the freedom of new trade after Brexit".
He said that after the British joined, CPTPP member states accounted for total domestic GDP from 12%to 15%, covering a population of more than 500 million.
The official British estimate that in the long run, joining CPTPP is expected to bring about 1.8 billion pounds of pounds (nearly S $ 3 billion) for the country each year.Although this number is not large, as the CPTPP member states continue to increase, the economic interests that can be created will continue to expand.
According to Sunak, more than 99%of goods exported to CPTPP member states will have zero tariffs, including main export products such as cars, machinery and equipment, cheese, chocolate, and whiskey.
Bloomberg: obstructing China to join
The British government also said that obtaining the qualifications of this member state will enable it to participate in the formulation of regional trade rules for the next decades.Bloomberg reports that this means that the United Kingdom can obstruct China to join on the grounds that other countries can maintain high standards of trade.
CPTPP was officially established at the end of 2018. The 11 founding member states are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam.The United States has withdrawn from CPTPP's predecessor TPP in 2017, and other countries have changed the CPTPP.Britain officially applied for joining in February 2021, and submitted applications after China, Taiwan and Uruguay.
Japan is responsible for leading negotiations with Britain.After the agreement was reached, the Minister of Economic Revitalization of Japan said that the "significant significance" to join the CPTPP in the UK is conducive to further promoting the market for free trade, openness and competition, and economic integration to benefit from the Pacific coast.
Britain has previously signed a free trade agreement with nine CPTPP members' economics. After joining, it will benefit more measures and mechanisms that are beneficial to investment and trade.
Jones, a trade policy and strategy partner of the Ernst & Young Certified Public Accountants, said that the economic growth speed of the Pacific Rim is expected to be twice that of Europe, so British companies should think about how to develop in the Pacific region.
She said: "CPTPP makes this easier, and there are more countries seeking to join, and CPTPP will only get bigger and bigger."
