The United Kingdom has begun formal negotiations to accede to the Comprehensive and Advanced Agreement for the Trans-Pacific Partnership (CPTPP). This is a key element in changing trade priorities after Brexit.
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As the government in London argues, CPTPP membership would make it easier for British companies to access the world’s largest current and future economies, but critics point out that the gains from joining this free trade area will not offset the economic losses from leaving. European Union.
CPTPP consists of 11 countries of the Pacific region: Australia, Brunei, Chile, Japan, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with a population of about 500 million. Its total GDP is 12.5 trillion dollars, which is 13% of the world’s economy. If you join them United kingdomThis percentage will rise to 16 percent.
“We left the European Union with a promise to deepen our relationships with old allies and fast-growing consumer markets outside Europe, and joining the high-level Trans-Pacific Partnership is an important part of this vision. Organic will help our farmers, creators and innovators sell produce to some of the largest economies of today and tomorrow, but without Giving up control of our rights, our limits or our money. It’s a great reward yet BrixiaBritain’s International Trade Secretary Liz Truss said: “I want us to use it.”
The British government has announced that by joining the CPTPP, exports to these countries will increase by 65% by 2030. – By 37 billion pounds, and these benefits may increase over time, as the Philippines, South Korea, Thailand and Taiwan are interested in joining the agreement.
But since the UK already has trade agreements with eight of the 11 CPTPP members, its membership in the FTA will not translate into significant economic benefits. According to the calculations of the Ministry of International Trade itself, As a result of membership, UK GDP will increase by £1.8 billion over 15 years, or just 0.08%.
While it was noted that if South Korea and Thailand joined the CPTPP, the increase would be £5.5 billion, and there is a consistent model that does not take into account the potential growth of other variables, it is still less than the estimated benefits lost due to Brexit. According to estimates, Britain’s GDP will be 4 per cent in 15 years. Less than it would have been if the UK had stayed in the EU.
# Comprehensive and Progressive Agreement for the Trans-Pacific Partnership