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Thursday, August 5, 2021
Trading

UK launches negotiations to join CPTPP

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The government has predicted that exports to these countries will rise by 65 per cent by 2030

The UK government has announced that it is launching trade negotiations with a Pacific free trade area worth more than £9tn.

Today, the government is opening talks to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP currently includes 11 countries.

The government has predicted that exports to these countries will rise by 65 per cent by 2030, with the deal opening new markets for service industries and farmers.

It added that the deal could also lower tariffs on goods such as cars and whisky, and could mean tariff-free trade for 99.9 per cent of exports.

The CPTPP is currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, which together have a value of more than £9tn.

Boris Johnson, prime minister, commented: Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific.

It’s an exciting opportunity to build on this country’s entrepreneurial spirit and free-trading history to bring economic benefits across the whole of the UK, he said.

Liz Truss, international trade secretary, said: This part of the world is where Britain’s greatest opportunities lie.

We left the EU with the promise of deepening links with old allies and fast-growing consumer markets beyond Europe, and joining the high-standards Trans-Pacific Partnership is an important part of that vision, she said.

She said: Membership would help our farmers, makers and innovators sell to some of the biggest economies of the present and future, but without ceding control over our laws, borders or money. It is a glittering post-Brexit prize that I want us to seize.

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