CPTPP

Prime Minister Rishi Sunak claims joining the 11-strong trade area will "demonstrate the real economic benefits of our post-Brexit freedoms".

"As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation." Mr Sunak said the agreement "puts the UK at the centre of a dynamic and growing group of Pacific economies". She promised the deal is "not going to displace farmers in the UK" and said it will provide more competition for EU countries so "people don't have to buy what they don't want". Ms Badenoch admitted the lower tariffs will apply to palm oil, which is responsible for destroying orangutan habitats, but said you "have to make trade-offs" when doing a deal and said the UK currently buys 1% of Malaysia's exports and "moving to 2% from 1% is not what is going to cause deforestation." The UK is the first European country to enter the agreement, and the government claims it will lead to a £1.8bn boost to the economy "in the long run". Chancellor Jeremy Hunt said joining the CPTPP is a "massive opportunity" for British exporters and shows "our influence in this part of the world is becoming more significant".

This morning ministers have confirmed that Britain has joined the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) – the first new nation to ...

Much of the commentary has inevitably focused on comparisons with the EU, with Brexiteers keen to stress the superiority of Britain’s new trade bloc. Badenoch has said this herself, tweeting her thanks to ‘my predecessors, the Prime Minister and fellow trade ministers’ for securing membership. They point to it as a sign of deeper engagement with the four-billion-strong Indo-Pacific region as part of Britain’s foreign policy. And with Britain now a member, it can use the bloc’s unanimous decision to veto China, who also applied for CPTPP membership back in 2021. Rishi Sunak claims that ‘this deal demonstrates the real economic benefits of our post-Brexit freedoms’; Kemi Badenoch, the Trade Secretary, says it ‘sends a powerful signal that the UK is open for business.’ Ministers expect CPTPP membership to generate £1.8 billion of extra income once it has been up and running for ten years. This morning ministers have confirmed that Britain has joined the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) – the first new nation to do so since it was set up in 2018.

Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his ...

to rejoin the trade pact and Tokyo would persist in pressing Washington to become a member. The overall impact of the trade deal is set to be modest. Japan has asked the U.S. It is also in talks with to return to the trans-Pacific trade pact after Washington in 2017 formally withdrew from the Trans-Pacific Partnership trade deal, the predecessor to the CPTPP. Other members of CPTPP are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Britain has formally joined a major Indo-Pacific trade bloc as prime minister Rishi Sunak said it allowed the UK to take advantage of “post-Brexit.

“Canada, Japan and Singapore are already important export markets for UK businesses, and three of the biggest economies within the bloc. “Accession to CPTPP is a win for the UK. “IoD members have told us that, while they tend to view trade deals as good optics for the UK, they do not have too much sway over firms’ exporting strategies. It also means cheaper imports for British consumers, including fruit from Peru and confectionary from Mexico. Anything that makes it easier for British businesses to export is good news. Pat McFadden, the shadow chief secretary to the Treasury, said Labour gives the UK accession to the CPTPP a “cautious” welcome. The jury’s out “So, while flying the flag for ‘Global Britain’ is good for our post-Brexit political standing, the long-term strategic benefits of the deal will really depend on the extent to which emerging markets and future members will contribute to rising demand for UK products and services, and thus the value of the bloc to our economy.” “As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.” [Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), saying it put the UK in a “prime position” to be a global player.](https://www.cityam.com/britain-joining-the-cptpp-trade-bloc-isnt-about-economics-its-about-influence/) [r Sunak said it would put the UK at the centre of a “dynamic” group](https://www.cityam.com/sunak-says-fantastic-progress-made-in-talks-to-join-indo-pacific-trade-bloc/) of Pacific economies, giving British businesses [“unparalleled access to markets from Europe to the south Pacific”.](https://twitter.com/RishiSunak/status/1641701901531074561) The Confederation of British Industry (CBI) welcomed the agreement as a “milestone” for British industry, reinforcing the UK’s commitment “to building partnerships in an increasingly fragmented world”.

The Trans-Pacific trade partnership, which came into force at the end of 2018 in six nations – Australia, Canada, Japan, Mexico, New Zealand, Singapore – and ...

The move ultimately provides tangible evidence of the UK’s commitment to the Indo-Pacific region and builds the necessary relationships to provide substantive alternatives to China for the UK’s allies in the region. However, given neither the Conservative nor the Labour party are advocating for a return to the Customs Union, and given the UK’s accession to CPTPP has been on the cards for a number of years, accession may pose some additional challenges to the UK’s emerging relationship with the EU but it will not fundamentally undermine it, especially in the light of the recently concluded Windsor Framework on the Northern Ireland Protocol (see our commentary If that potential growth is realised, the UK will have gained a foothold in an increasingly important market and access to a fast-growing middle-class population. Regulatory divergences between CPTPP and the EU will move the UK away from trade alignment with the EU and ultimately makes membership of the EU Customs Union virtually impossible. CPTPP nations are among some of the fastest growing in the world, and a key cornerstone of the Indo-Pacific market that is expected to generate 56% of global growth from 2019 to 2050. CPTPP diverges significantly from the EU when it comes to patent law, for example, potentially jeopardising the UK’s membership of the European Patent Convention, and the CPTPP’s requirement that members allow the cross-border transfer of data by electronic means, could conflict with the EU data adequacy decision. In the context of growing tensions with China, defined as an ‘epoch-defining challenge’ in the recent refresh of the Integrated Review, strengthening relations with allies in the region has become increasingly important. The Rules of Origin provision in the deal allows for greater diversification of manufacturing and production processes, increasing the ability for UK firms to procure materials from fellow CPTPP members and vice versa. For the automotive to services to tech industries, these provisions open up the potential for easier imports and exports to and from CPTPP markets, and the manufacturing of higher quality goods. This could particularly disadvantage sectors like agriculture which are unable to compete with the economies of scale available to producers in countries such as Australia and New Zealand. It provides ripe opportunities for the UK to compete with the dominant regional exporters Australia and New Zealand in the distribution of goods such as pork, poultry and dairy; increased trade in fields like the automotive industry, capitalising on closer trading relations with major car export destinations such as Japan, Mexico, Canada and Australia; and to gain preferential access to previously inaccessible or under-tapped markets within Asia. With current CPTPP economies accounting for 15% of global trade and 13% of global GDP, tariff-free access to such a vast market provides important new trading opportunities for the UK.

“Traders could benefit from accessing lower tariffs and more diverse supply chains using CPTPP's flexible rules of origin. It also locks-in certainty and ...

[deloitte.com/about](http://deloitte.com/about) for a detailed description of the legal structure of DTTL and its member firms. “Traders could benefit from accessing lower tariffs and more diverse supply chains using CPTPP’s flexible rules of origin. In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

The NFU responds to the government announcement that it has signed a deal to join the CPTPP trade bloc.

UK accession turns CPTPP from a regional grouping to a global one · An enhanced CPTPP is a powerful rejoinder to China's statist vision · If the US rejoins, CPTPP ...

It is also a geo-economic and geo-political grouping which has a major impact on the way global trade agreements work. If our involvement ultimately leads to the US rejoining CPTPP, then it would become a grouping that takes in about half the entire global economy. China clearly feels that it is time to adopt a more assertive approach to the West, and to present a different option to the rest of the world. Since the 1970s, the UAE has adopted a similar approach, and the result is a vibrant and dynamic economy that attracts entrepreneurs. This is the context in which we should evaluate the UK’s accession to CPTPP. Indeed, it is crucial to point out that where countries with very different traditions and cultures adopt these same liberal economic ideas, such as Singapore and the UAE, they grow much more quickly, far outstripping their neighbours.

IN THE 2030s, visitors landing at Changi Airport will have their luggage transported from the airplane to the gate by a driverless robot as they stroll ...

From an agricultural perspective, the Canadian Cattle Association (CCA) says it's disappointed with the arrangement, and that it will oppose any related ...

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Although the government called the agreement its “biggest trade deal since Brexit,” its own estimates show that joining the CPTPP will increase UK economic ...

The UK Office for Budget Responsibility, which produces economic forecasts for the government, expects Brexit to reduce Britain’s output by 4% over 15 years compared with remaining in the bloc. “When it comes to trade, distance matters. Britain already has trade deals in place with nine of the 11 current members. “Five of our top 20 export markets are CPTPP members. The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. “As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation,” Sunak said.