Britain’s exit from the European Union. Britain wants to join the Comprehensive and Advanced Trans-Pacific Partnership Agreement (CPTPP)
The UK has started formal negotiations to join the Comprehensive and Advanced Agreement for the Trans-Pacific Partnership (CPTPP). It is a key element in the evolution of trade priorities after Brexit.
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As the London government argues, membership in the CPTPP would allow UK businesses easier access to the world’s largest present and future economies, but critics point out that the gains from membership in this free zone exchange will not compensate for the economic losses associated with departure. European Union.
The CPTPP is made up of 11 countries in the Pacific region: Australia, Brunei, Chile, Japan, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with a population of approximately 500 million. Its total GDP is $ 12.5 trillion, or 13% of the global economy. If you join them UKThis percentage will increase to 16 percent.
“We left the European Union with the promise to deepen our relations with former allies and the fast-growing consumer markets outside of Europe, and joining the high-level Trans-Pacific Partnership is an important part of this. vision. Organic will help our farmers, creators and innovators sell their products to some of the biggest economies of today and tomorrow, but without giving up control of our rights, our limits or our money. It’s still a great reward BrixiaUK International Trade Secretary Liz Truss said: “I want us to use it.”
The UK government has announced that by joining CPTPP, exports to these countries will increase by 65% by 2030. – From 37 billion pounds, and these profits could increase over time, like the Philippines, South Korea , Thailand and Taiwan interested in joining the agreement.
But given that the UK already has trade deals with eight of the 11 CPTPP members, joining the FTA will not translate into significant economic benefits. According to the calculations of the Ministry of International Trade itself, As a result of membership, UK GDP will grow by £ 1.8bn over 15 years, or just 0.08%.
Although it has been noted that if South Korea and Thailand join the CPTPP the increase would be £ 5.5 billion and that there is a consistent model that does not take into account the potential growth of other variables, it is always lower than the estimated lost benefits. due to Brexit. UK GDP is estimated to be 4% in 15 years. Less than it would have been had the UK remained in the EU.
# Comprehensive and progressive agreement for the Trans-Pacific Partnership