This Sunday, the United Kingdom became the first European country to access the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which will allow it to trade without hardly any barriers with a region in the Asia-Pacific that represents 15% of domestic product. world gross domestic product (GDP).
After starting the procedures in 2021, The accession officially comes into force on this dayat which time British companies will be able to trade on favorable terms with the eight of the 11 partners of this treaty established in 2018 that have already ratified it.
These countries are Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia and Brunei.
Starting December 24the United Kingdom will be able to begin almost tariff-free exchanges with Australia, while Canada and Mexico are expected to ratify their membership soon, after which trade would begin 60 days later.
The British Government estimates that access to this Asia region pact and the Pacific can boost the country’s economy up to 2,000 million pounds (2,400 million euros) annually, compared to what its GDP would have been without this treaty in projections until 2040.
It is also expected that the CPTPP will grow in the coming years, since currently Costa Rica is already in the negotiation process to adhere.
British Trade Minister Jonathan Reynolds stressed that the United Kingdom is “in the unique position of being able benefit from new markets while strengthening relationships with existing ones.”
“Today’s news is further proof that The UK is a wonderful place to do businesswith an open, outward-oriented economy that drives growth that people can feel in their communities,” he declared.
Reynolds announced that in 2025 he will present a business strategy long term to support businesses and consumers and grow the national economy, which has been the Labor Government’s priority since its election victory on 4 July.
#United #Kingdom #European #country #join #CPTPP #trade #agreement
