United Kingdom signs deal to join trade pact with 11 Asia and Pacific nations
Comprehensive and Progressive Agreement for Trans-Pacific Partnership: The United Kingdom signed the pact with 11 Asian and Pacific nations under the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership. The UK has signed a trade deal with 11 Asia-Pacific nations, joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This move is expected to boost exports, although it’s projected to add only 0.08% to the UK’s economy. The agreement reduces tariffs on goods like cheese, cars, and whiskey. While it’s the UK’s largest trade deal since Brexit, the gains are modest. However, Prime Minister Rishi Sunak sees it as an opportunity for growth and innovation. Critics raise concerns about consumer safety and environmental protections.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), also known as TPP11 or TPP-11 is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam evolved from the Trans-Pacific Partnership (TPP) involving 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The United Kingdom, along with existing members, formally signed an accession protocol on 16 July 2023, indicating its intention to join the agreement pending ratification by all parties or after 15 months if the UK and a majority of CPTPP members have ratified it. Originally signed in 2016, the TPP did not come into force as the US withdrew from the agreement. However, other signatories agreed to revive the pact, leading to the creation of the CPTPP in January 2018. Key provisions of the agreement address state-owned enterprises, requiring members to share information about them to address issues of market intervention. Additionally, the agreement includes extensive standards for intellectual property protection and safeguards against intellectual property theft. As of 2023, the CPTPP commission is chaired by New Zealand.
What is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership?
Comprehensive and Progressive Agreement for Trans-Pacific Partnership is trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam evolved from the Trans-Pacific Partnership (TPP) involving 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam for trade relationship after Brexit.
