CPTPP has its first European member agreement | New Zealand | CPTPP
According to the Lianhe Zaobao website of Singapore on July 16, citing Agence France Presse, the British Minister of Commerce and Trade Kemi Badnoch signed the Comprehensive and Progressive Trans Pacific Partnership Agreement in New Zealand on July 16, officially becoming the first European country to join the agreement.
The report states that the agreement is expected to take effect in the second half of next year after being reviewed and legislated by the UK Parliament.
CPTPP was jointly signed in 2018 by Japan, Canada, Australia, New Zealand, Malaysia, Singapore, Vietnam, Brunei, Mexico, Chile, and Peru, and is a comprehensive free trade agreement. The UK is both the first European country to join the agreement and the first new member state since 2018.
The report points out that the UK has been implementing a "global UK" strategy since Brexit. In 2021, the UK applied to join the CPTPP, and after nearly two years of negotiations, it was approved to join in March of this year. This is also the largest trade agreement reached by the UK since Brexit.
The UK government has stated that it will reduce its export tariffs to CPTPP countries. After the UK becomes a member state, the total GDP of CPTPP countries will reach £ 12 trillion, accounting for 15% of global GDP.
According to a report on the website of Radio France International earlier, British Prime Minister Sunak had previously stated in a statement that joining the CPTPP was a "historic move" for the UK.
British Minister of Commerce and Trade Badenoch said that CPTPP "will greatly promote the development of British businesses", opening up trade opportunities for British businesses to markets with over 500 million people and channels to enter wider regions.
Badnoch stated that joining an "exciting, growing, and forward-looking trade organization" as an independent trading nation would contribute to UK economic growth and further stimulate domestic employment.
The report points out that Brexit supporters in the UK support joining the CPTPP, believing that it can enhance the UK's international geopolitical and economic influence. Critics point out that the 27 member EU is the world's largest trading bloc and collective economy, and joining the CPTPP by the UK cannot compensate for the economic losses suffered from leaving the EU.
According to reports, analysts estimate that after joining the CPTPP, the UK economy is expected to grow by an additional £ 1.8 billion per year, equivalent to 0.08% of the country's annual GDP. On the other hand, the UK Budget Responsibility Office predicted in April this year that leaving the EU would result in a 4.0% reduction in long-term productivity compared to staying in the EU.