March 31 () –
The United Kingdom has joined the block of eleven countries that are part of the free trade space of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), among which are countries such as Japan or Australia, after their departure from the European Union reduce the country’s trade agreements.
According to a statement from the British Government, negotiations to join the CPTPP have lasted 21 months, and will allow British exporters “to obtain new opportunities for work, growth and innovation.”
The agreement must be ratified by the British Parliament, which is expected to be ratified by the end of this year, and by the other member countries, including Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam.
The Government of the United Kingdom has assured that the agreement will generate 1,800 million pounds (2,046 million euros) of additional benefits in a period of ten years, in addition to predicting that salaries in general will increase by a total of 800 million pounds (909 million euros) compared to 2019.
British Prime Minister Rishi Sunak has said joining the CPTPP “puts the UK at the center of a growing and dynamic group of Pacific economies”, noting that his country will be the first European nation to join.
“At our hearts we are an open, free-trade nation, and this deal demonstrates the real economic benefits of our ‘post-Brexit’ freedoms,” Sunak added.
The Minister of Commerce, Kemi Badenoch, has assured that this is an “important moment” for her country, in addition to sending a “powerful signal that the United Kingdom is open for business.”
The CPTPP, which allows tariffs between member countries to be reduced by 95%, was born as a boost from the Barack Obama Administration to counteract China’s economic hegemony in the region, but with the subsequent arrival in the White House of Donald Trump, the United States The United States withdrew from the negotiating table and the agreement was signed by the rest of the countries.
In recent times, South Korea, Taiwan and Thailand have expressed interest in joining the free trade area and even China has shown interest in exploring joining the CPTPP.
