The United Kingdom recently launched negotiations with 11 countries belonging to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a £9-trillion free trade area, to join the partnership as that would give its exporters and services firms better access to these markets. UK exports to these countries are set to increase by £37 billion—a 65 per cent rise—by 2030.
A deal would open new markets for our services industries, lower tariffs on goods like cars and whisky, and create new opportunities for UK farmers, according to an official press release.The UK has launched negotiations with 11 countries belonging to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a £9-trillion free trade area, to join the pact as that would give its exporters and services firms better access to these markets. UK exports to these countries are set to rise by £37 billion—a 65 per cent hike—by 2030.#
Joining the free trade area would boost growth and support British jobs. These benefits would increase over time, with the Philippines, Thailand, Taiwan and the Republic of Korea all having expressed interest in joining, the release said.
UK negotiating teams will be working over the coming months to ensure a good deal for businesses, producers and consumers across Great Britain and Northern Ireland.
Membership would lower tariffs on key British exports like cars and whisky in industries employing hundreds of thousands of people and should mean tariff-free trade for 99.9 per cent of UK exports.
The deal should also benefit British farmers. With CPTPP countries set to account for 25 per cent of global import demand for meat by the end of the decade, joining would support farmers selling high-quality produce like beef and lamb into fast-growing markets like Mexico, the release said.
CPTTP is particularly advanced in both digital and services trade, which plays to Britain’s strengths as the world’s second-largest services exporter. An agreement would make it simpler for the UK to sell services digitally and cheaper and easier for tech firms to expand abroad.
Joining CPTPP would also open new financial and professional services markets for British firms, making it easier for highly skilled Brits to live and work in member countries.
“Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific,” Prime Minister Boris Johnson said.
“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 added.
Fibre2Fashion News Desk (DS)
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