UK set to join Asia-Pacific free trade pact a year after leaving EU

The United Kingdom will be applying to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) On February 1. This comes exactly one year after it left the European Union. As per the Britain government, joining a group of fast-growing nations will help the UK to boost its exports. CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

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According to the reports by PTI, UK Prime Minister Boris Johnson said, “One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain”. He added, “Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade”. 

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The Department for International Trade hopes that joining the 9 trillion-pound partnership will cut tariffs for UK industries. The industries include food and drink and cars. Also, this will create new opportunities for modern industries like tech and service. Lord Karan Bilimoria, the President of the Confederation of British Industry, said, “This ambition marks a new chapter for our independent trade policy. As one of the largest free trade agreements in the world, these 11 countries contribute over 100 billion pounds to our economy”. 

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In another significant development, Japanese Prime Minister Yoshihide Suga said that China may never be able to join the Trans-Pacific Partnership (TPP) agreement, not until it has the current leadership in Beijing. China had recently shown interest in joining the free-trade agreement signed between 11 countries in 2018. Suga, while speaking to a commercial radio broadcaster on January 3, said it would be challenging for any country to join the TPP where the state runs most businesses.

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(Image Credits: AP)