Britain applied to join cptpp

Britain applied to join cptpp

Photo: British Secretary of state for international trade, Sophie Joyce, holds the application document of cptpp on January 30. /Internet pictures

[Ta Kung Pao] BBC and Afp report: January 31 is the first anniversary of brexit. The Department of international trade of the United Kingdom issued a statement on January 30, saying that the Minister of international trade, Sophie Cheuk, will call Japanese and New Zealand officials on February 1 to apply for accession to the comprehensive and progressive trans Pacific Partnership Agreement (cptpp). According to the analysis, this shows that the UK seeks to establish a new partnership after brexit, which may also help the UK and the us to reach a trade agreement. However, since cptpp countries account for less than 10% of UK exports, it is difficult to make up for the economic losses caused by brexit in the short term.

When former US President trump took office in 2017, he announced that he would withdraw from the trans Pacific Partnership Agreement (TPP). The countries that originally intended to join the TPP then formed the cptpp. The cptpp now has 11 member states, and the UK will become the first non founding country to apply to join the cptpp.

If the UK successfully joins the cptpp, it will enjoy lower tariffs when exporting food, drinks, cars and other goods to member countries. Joining the cptpp will create huge opportunities for UK companies, said Ms. Zhuo.

BBC analysis points out that Britain’s accession to the cptpp seems to be a win-win situation: cptpp countries cover 498 million people, accounting for about 13% of the global economy; Britain can also retain the freedom to reach trade agreements with other places. However, according to the data in 2019, all members of cptpp only account for less than 10% of the UK’s total exports, and the UK has already signed trade agreements with seven of them. Even if we join the cptpp, the short-term benefits to British families and businesses will be very limited.

However, US President Biden said earlier that he intends to join the cptpp. Johnson’s move is a gamble, hoping that Britain and the United States will join at that time, which may help the two countries to reach a bilateral trade agreement.

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