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Friday, June 9, 2023

The United Kingdom joined the Indo-Pacific Cooperation Agreement

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Σε ΣυμφωνΙα Σ&upsilon ;νεργασΙας χωρoν Ινδο-Ειρηνικο ενταχθηκε το ΗνωμΕνο ΒασΙλειο

In the "Comprehensive and Progressive Agreement for Transatlantic Cooperation" (CPTPP) the United Kingdom joined, becoming the 12th member of this free trade pact of Indo-Pacific countries.

The move, described by the British government as the country's biggest post-Brexit trade deal, brings the UK into the same trading club as Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Under the CPTPP, tariffs and barriers to trade between member countries are removed.

Although the UK already has bilateral trade deals with the other members, except Malaysia, the government says joining the CPTPP will further deepen trade relations and now 99% of British exports to these countries will come with zero tariffs. tariffs.

These products include cheese, cars, chocolate, machinery, gin and whiskey. The bureaucracy in terms of the provision of services by British companies to these countries will also be reduced.

In total it is expected to boost the UK economy by £1.8 billion in the long term.

The UK's membership was finalized in a conference call by Trade Minister Kemi Badenoch with her counterparts from the other member states early on Friday.

UK Prime Minister Rishi Sunak said the deal "shows what we can achieve when we take advantage of the benefits of Brexit".

Although the country's accession to the Agreement was positively accepted by trade bodies in Britain, trade experts noted that it did not cover the economic blow of leaving the European Union.

Ms Badenoch countered that the UK could apply its own rules to the CPTPP specifications to the trade rules in force, something he argued he could not do as a member of the EU.

Negotiations for the country's accession to the Agreement had begun in September 2021, under Boris Johnson's prime ministership.


Source: KYPE 

Source: www.sigmalive.com

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