UNITED KINGDOM: On Friday, Britain stated that it had initiated a deal to extend its partnership with the trans-Pacific trade pact. It includes 11 countries like Japan and Australia with Britain’s constant endeavour to tighten relations in the region following its exit from the European Union.
This partnership will ensure additional existing bilateral Free Trade Agreements ( FTAs) that Britain has established with most of the countries that are presently members. This membership would induce 1.8 billion pounds every year.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP) would be joined by Prime Minister Rishi Sunak as he initiates the greatest trade deal after Brexit.
Sunak mentions in a statement, “The UK will be at the centre of a vibrant and expanding collection of Pacific economies once it joins the CPTPP trading bloc.”
He added that the deal would bring forth “the real economic benefits of our post-Brexit freedoms.” Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam are some of the other members who have already joined the CPTPP pact.
Britain has been progressing towards rapidly growing economies, basing its concerns on geographically distant ones.
“The Pacific Rim is predicted to develop twice as fast as Europe. Therefore UK businesses should be thinking about their regional footprint,” says Sally Jones, trade policy and strategy partner at EY.
She added, “It is made much simpler by the CPTPP, and as more nations seek to join, the CPTPP will only expand.”
A post-Brexit deal was agreed upon by Britain to initiate trade deals with Australia and New Zealand. Britain also conceded to establish an FTA with Japan in 2020 and is currently talking with Canada and Mexico in light of new FTAs following its extended financial arrangement previously at the end of 2020 for EU trade deals.
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