The United Kingdom officially became the 12th member of a trans-Pacific trade pact on Sunday, which includes Japan, Australia, and Canada, as London seeks to deepen its ties in the region and strengthen global trade links after Brexit.
The UK announced last year that it would join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking its largest trade deal since leaving the European Union in 2020.
Membership in the bloc is expected to contribute approximately £2 billion per year to the UK economy, equivalent to 0.1% of the country’s Gross Domestic Product (GDP), and provide British businesses with access to a vast market.
Established in 2018 and accounting for about 15% of global GDP, the CPTPP now includes 12 members, three of which are G7 countries—Canada, Japan, and the UK—as well as Australia, New Zealand, Mexico, Peru, Chile, Singapore, Brunei, Malaysia, and Vietnam.
However, the agreement carries strategic significance beyond its economic benefits, allowing the UK to influence the potential membership of candidate countries such as China.
The CPTPP is an evolution of the Trans-Pacific Partnership originally backed by the United States, designed to counter China’s economic influence. After the US withdrew from the agreement in 2017 under President Donald Trump, it was renamed the CPTPP.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.