UK’s government applies to join Asia-Pacific free trade pact
In a bid to improve the economic situation of the country, Britain has made a move to join the Asia-Pacific trade zone. This move comes shortly after the advent of Brexit amidst export issues.
UK to join CPTPP
The UK has said it will soon join a free trade area with 12 Asia and pacific countries on Monday evening. Getting admitted into this group of “fast-growing countries” will help improve the exports of the UK, a government source said.
The Compréhensive and Progressive Agreement for Trans-pacific Partnership (CPTPP) consists of an economic market that has around 600 million individuals. But these members are more difficult to get to than nearby European markets. Some members in this group include several Asia and Oceania nations. While other countries are founding South American members.
“In the nearest future, we are expecting Asia-Pacific nations with huge economic markets where the middle-class markets are available for British goods” The international Trade secretary Liz Truss stated.
UK business to reap benefits from these pacts
“Definitely, UK businesses will need to reach over and get these opportunities. But what is happening now is the government is making economic bridges, and removing some stringent battles so that these businesses can have easy operations.” It will be a good thing if Britain joins the bloc, as this will reduce tariffs on goods like alcoholic drinks and vehicles as well as other machinery “she stated.
It is, however, expected that the impact will be small at the beginning as the UK already has a form of a free trade agreement with many CPTPP nations such as Australia and New Zealand. CPTPP nations account for about 8.5% of British exports in 2019 alone, which is almost similar to Germany.
The US government was also having talks about joining the economic group, but when ex-president Trump came for power, he pulled out after economic advisors discouraged the move.