UK will request entry into the Pacific Trade Agreement – Commentary

The United kingdom He will officially request this Monday to join The Comprehensive and Advanced Treaty of Trans-Pacific Partnership (CPTPP, in English), one of the world’s largest trade agreements, one year after leaving European Union And one month from the end of the transition period.

Entry negotiations United kingdom The block will start throughout this year, the British International Trade Minister explained, Liz Truss.

A future merger in that treaty “will help drive the recovery on exports and jobs basis.” United kingdom, Which brings more opportunities to trade with the fast-growing Pacific countries. ” Gears at Twitter.

The CPTPP (Also known for its acronym TPP11), went into effect in December 2018 and consists of eleven countries, including Japan, The third largest economy in the world, Peru, Chile and Mexico. It is an updated version of TPPSigned in 2016, but it entered into a crisis as a result of the decision of the President of the United States, Donald Trump, To withdraw to his country in 2017.

The British government estimates that its country’s trade with members of that group is at 111 billion pounds (125,000 million euros), and has grown at a rate of 8% since 2016.

HCPTPP accounts for 13.4% of the global GDP And signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

In a statement, the Ministry of International Trade praised the reduction in customs duties for the United Kingdom on food and cars and the “new opportunities” it would create in the field of technology and services.

Moreover, he emphasized that “unlike the European Union, joining the CPTPP does not require the UK to relinquish control of laws, borders or money.”

“One year after our exit from the European Union, we are establishing new partnerships that will bring huge economic benefits to the British,” the prime minister said in the memo. Boris Johnson.

In Johnson’s view, the launch of the Trans-Pacific Agreement Commitment Process “demonstrates the British ambition” to do business around the world and be a “passionate champion of global free trade”.

The workers’ opposition received the news with less enthusiasm He warned that he would closely monitor the terms of any agreement, which the public should agree to.

Business Trade spokeswoman, Emily ThornberryHe questioned whether the UK had the right to veto China’s eventual entry into the CPTPP and urged the government to consult with the British about membership of a new trade bloc, after five years of internal debate to leave the European Union.