CPTPP will overtake the EU says George Brandis
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Japan, which chairs the accession group of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of 11 countries, confirmed the UK had moved into the final stage overnight. Joining the bloc could see tariffs on 99.9 percent of UK exports slashed, opening up massive new trading opportunities for British businesses.
Becoming a has been a key part of Boris Johnson’s vision for Global Britain.
Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam are all already members of the CPTPP, making it one of the largest free trade areas in the world.
It accounted for 13 percent of global GDP in 2019 – a figure that would rise to 16 percent when the UK joins.
The bloc has been tipped to continue to grow in the coming years and could soon overtake the EU in size.
Secretary of State for International Trade Anne-Marie Trevelyan said she was delighted the UK was moving into the final stage of talks, saying Britain was “on the home straight”.
She added: “CPTPP is one of the largest and most exciting free-trading clubs in the world.
“Today’s announcement is a major milestone for us joining this dynamic group of economies and means the finish line is in sight.
“I look forward to visiting Asia next week and flying the flag for Global Britain by holding valuable trade talks with key partners across the Indo-Pacific region and pushing to secure CPTPP accession by the end of the year.
“This is just one aspect of our Indo-Pacific strategy, which will benefit businesses and consumers across every part of the UK and help us to level up at home.”
The final stage of talks largely focuses on market access.
Britain will be expected to submit its offer areas such as tariffs to members of the CPTPP within the next 30 days.
“The CPTPP members remain committed to upholding the high standard rules and market access throughout the accession process,” Japan’s cabinet secretariat said in a statement.
“Next steps are being coordinated among CPTPP members and with the United Kingdom.”
More to follow…
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