UK Begins Talks To Join CPTPP Trade Bloc In Indo-Pacific Tilt.

UK Begins Talks To Join CPTPP Trade Bloc In Indo-Pacific Tilt

UK's exports to CPTPP countries are set to increase by 65% up to 37 billion pounds by 2030. (File)

London:

As part of its post-Brexit foreign policy focus on the Indo-Pacific region, Britain on Tuesday launched negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), made up of 11 countries belonging to an estimated 9 trillion pounds free trade area.

The CPTPP is made up of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with the Philippines, Thailand, Taiwan and the Republic of Korea said to have plans to join.

The UK said joining the trade bloc would give the country's exporters and services firms better access to these dynamic markets and boost growth and support British jobs.

Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific, said UK Prime Minister Boris Johnson.

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.

According to the Department for International Trade (DIT), the UK's exports to CPTPP countries are set to increase by 65 per cent up to 37 billion pounds by 2030 and membership is expected to lower tariffs on key British exports like cars and whisky and should mean tariff-free trade for 99.9 per cent of exports.

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, said International Trade Secretary Liz Truss.

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, she said.

In reference to specific sectors, the pact is expected to benefit British farmers, helping farmers in Britain sell meat produced into fast-growing markets like Mexico.

In the digital and services sector, an agreement would make it simpler for the UK to sell services digitally and cheaper and easier for tech firms to expand abroad.

It marks a series of trade negotiations initiated by the UK as a non-member of the European Union (EU), including opening a 14-week consultation at the end of last month for a prospective India-UK free trade agreement (FTA) as part of a Roadmap 2030.

According to the DIT, 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.

It highlighted that the CPTPP agreement has strong rules against unfair trade practices like favouring state-owned enterprises, protectionism, discriminating against foreign investors, and forcing companies to hand over private information.

The UK's joining will strengthen the international consensus against such unfair practices, DIT said.

The free trade area would uphold the UK's right to regulate in its national self-interest, rather than forcing harmonisation on its members. This is well aligned with Britain's system a strong rule of law coupled with the freedom to set our own regulations, it added.

Official DIT statistics state that CPTPP countries accounted for 110 billion pounds worth of UK trade in 2019 and UK trade with CPTPP member countries has grown by 8 per cent annually between 2016-19.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Related news
See Don Lemon's reaction when ex-Trump doctor gets upset with reporters.

See Don Lemon's reaction when ex-Trump doctor gets upset with reporters.

Rep. Ronny Jackson (R-TX) took issue with reporters asking GOP lawmakers if they were vaccinated, and said reporters should be asking the Democrats if they are vaccinated. A CNN survey found that 100% of Democratic lawmakers on Capitol hill have b...

Tom Homan sounds off on Biden ‘enticing’ illegal border crossings.

Tom Homan sounds off on Biden ‘enticing’ illegal border crossings.

Former acting ICE director and Fox News contributor Tom Homan reacts to the growing border crisis. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news se...

Anti-Vaccine Protest In Paris Turns Violent With Clashes Against Police.

Anti-Vaccine Protest In Paris Turns Violent With Clashes Against Police.

Thousands rallied in central Paris against a plan by the French government to introduce Covid-19 vaccine passes that will be required to enter restaurants and other venues. A smaller number of protesters clashed violently with the police. France i...

Proposed Hungary LGBTQ+ legislation could see people abandon the country.

Proposed Hungary LGBTQ+ legislation could see people abandon the country.

A pride march becomes a demonstration against new laws that could censor gay culture in Hungary. Thousands of people at the annual pride march in Budapest are also protesting against a controversial law banning depictions of gay lifestyles and tra...

Rep. Brad Sherman blames rise in crime on COVID, Republicans

Rep. Brad Sherman blames rise in crime on COVID, Republicans

Rep. Brad Sherman, D-Calif., says a nationwide rise in violent crime is due to economic loss from COVID and a push to defund police. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is ...

1

The Press Preview - a first look at Sunday's headlines.

The Press Preview - a first look at Sunday's headlines.

Kimberley Leonard takes a first look at Sunday's headlines with the journalist and author Rachel Shabi, and the executive director of the Henry Jackson Society, Alan Mendoza. For a sneak peek at the front pages follow the link below: SUBSCRIBE to ...

1