Application to join Asia-Pacific free trade pact (CPTPP) submitted by Britain

[-:Undertaker:-]

Application to join CPTPP submitted by Britain

UK submits application on Monday to join free-trade trans-pacific organisation which currently includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The area covers 500 million people.

https://www.bbc.co.uk/news/business-55871373

Britain's International Trade Secretary Liz Truss is to formally submit Britain's application to join the trade bloc

The UK is applying to join a free trade area made up of 11 Asia and Pacific nations, under its post-Brexit plans.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership - or CPTPP - includes Australia, Canada, Japan and New Zealand.

In total, it covers a market of around 500 million people, generating more than 13% of the world's income.

International Trade Secretary Liz Truss will make the request on Monday, with negotiations expected in the spring.

There are 11 countries in the CPTPP trade agreement formed in 2018: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The US was originally in talks to be part of the CPTPP, but former President Donald Trump pulled out when he took office.

The main purpose of the deal is to cut trade tariffs - a form of tax, like a border tax - between member countries.

It includes a promise to eliminate or reduce 95% of import charges - although some of these charges are kept to protect some home-made products, for example Japan's rice and Canada's dairy industry.

In return, countries must cooperate on regulations, such as food standards. However, these standards and regulations do not have to be identical, and member countries can strike their own trade deals.

Fantastic news.

A purely trade-only bloc, looking to find ways to make trade easier by sovereign governments working together.

A global Britain.

Thoughts?

[-:Undertaker:-]

Here's an infographic.

And an interesting observation by Judas and Macaes on how the CPTPP links in with the Hong Kong development. With the numbers expected to come - some believe many more than 300,000 will come in the same way the Home Office drastically underestimated Eastern European immigration in 2004 - and the capital they will bring (in terms of human and monetary), their strong links with the Asia region could be a real boon for Britain. Exciting!

Tomorrow the UK will take the first formal step toward joining the #CPTPP group.

This will mean:
📈 lower tariffs on UK exports
👩*🏭 increased investment, supporting jobs across UK
🌏 new opportunities in the industries of the future

Read more: https://t.co/AkiLDPIe7L pic.twitter.com/TaWJIu4mFI

— Department for Business and Trade (@biztradegovuk) January 31, 2021

The UK is building something very interesting https://t.co/v5c5rRExB3

— Bruno Maçães (@MacaesBruno) January 31, 2021