UK Joins CPTPP: A Major Post-Brexit trade Win
In a meaningful move for post-Brexit Britain, the UK has officially become the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This makes Britain the first European country to join this influential Indo-Pacific trading bloc.The accession treaty was formally signed last year, and officials are hopeful that membership could inject a much-needed boost into the British economy, possibly adding as much as £2.0 billion ($2.5 billion) annually. The CPTPP,established in 2018,represents a substantial portion of the global economy,accounting for roughly 15 percent of global gross domestic product (GDP),and provides access to a market of over 500 million consumers. This trading alliance brings together a diverse group of nations, including fellow G7 members Canada and Japan, alongside long-standing allies Australia and New Zealand. Brunei, Chile, Malaysia, Mexico, Peru, singapore, and Vietnam complete the membership. While the CPTPP is seen by many as a counterbalance to Chinese influence in the region, Beijing has also applied for membership. A Post-Brexit Trade Strategy
The UK’s entry into the CPTPP is being hailed as its most significant trade deal since leaving the European Union. Former Business and Trade Secretary Kemi Badenoch described the agreement as “the biggest trade deal” since Brexit. This latest agreement adds to a growing list of post-Brexit trade deals secured by the UK, including partnerships with Australia, New Zealand, and Singapore. Negotiations are also underway with Gulf countries,and Prime Minister Keir Starmer recently announced the resumption of stalled trade talks with India. Though, a highly sought-after trade deal with the United States remains elusive and may become even more challenging with the upcoming US presidential election. Efforts to reach a trade agreement with Canada have also stalled.(Upbeat introductory music fades out)
**Interviewer:** Joining us today to discuss this significant growth in international trade is ArchydeS senior economics correspondent, [Guest Name].Welcome to the program.
**guest:** Thank you for having me.
**Interviewer:** The UK officially joined the CPTPP last month. Can you briefly outline what this trade agreement actually means and why it’s considered such a big win for the UK’s post-Brexit strategy?
**Guest:** Certainly. The CPTPP is a massive free trade deal encompassing eleven Pacific Rim countries. think Canada,Japan,Australia,Mexico,and Singapore,just to name a few. This agreement slashes tariffs and removes other barriers to trade between these nations. For the UK, joining the CPTPP is a major coup because it offers access to a market of over 500 million consumers and represents about 15% of global GDP. It’s a powerful signal that the UK is open for business and looking to diversify its trade partners beyond Europe.
**interviewer:** And this deal is expected to have a tangible impact on the British economy, correct?
**Guest:** Absolutely. Government estimates suggest the CPTPP could boost the UK economy by as much as £2.0 billion annually. [ [1](https://commonslibrary.parliament.uk/research-briefings/cbp-9121/) ]While that figure might seem modest in the grand scheme of things, it represents a welcome injection of economic dynamism, particularly as the UK navigates the challenges of post-Brexit trading landscape.
**Interviewer:** The CPTPP is also frequently enough seen as a counterweight to China’s growing economic influence in the Asia-Pacific region.Is this geopolitical dimension a factor in the UK’s decision to join?
**Guest:** Undoubtedly,the geopolitical context plays a role. While the CPTPP’s primary focus is economic, its potential to counterbalance China’s regional ambitions cannot be ignored. Beijing has even applied for CPTPP membership, indicating their interest in shaping the bloc’s future.
**Interviewer:** Fascinating. This development certainly adds another layer of complexity to the already intricate web of global trade.We appreciate your insights, [Guest Name].
**Guest:** My pleasure. Thank you for having me.
(Outro music fades in)
**Q:** What does the UK joining the CPTPP mean for the country’s post-Brexit strategy?
**A:** The UK joining the CPTPP is a major step in its post-Brexit trade strategy. It shows the UK’s commitment to forging new trading relationships outside of the EU and diversifying its trade partners.
**Q:** Could you explain what the CPTPP is and why it’s considered significant?
**A:** The CPTPP is a free trade agreement between 11 countries in the Pacific Rim, including Canada, Japan, Australia, Mexico, and Singapore.It eliminates tariffs and other trade barriers, making it easier for businesses to trade goods and services. Joining the CPTPP gives the UK access to a market of over 500 million consumers and represents about 15% of global GDP.
**Q:** What are the potential economic benefits for the UK of joining the CPTPP?
**A:** The UK government estimates that joining the CPTPP could boost the UK economy by up to £2.0 billion per year. This injection of economic growth is welcome, particularly as the UK navigates the challenges of the post-Brexit landscape.
**Q:** Some see the CPTPP as a way to counter China’s influence in the Asia-Pacific region. Is this a factor for the UK?
**A:** While the CPTPP’s primary focus is economic, there is there’s no doubt whatsoever that the geopolitical context plays a role. China has also applied to join the CPTPP, indicating its interest in shaping the bloc’s future.The UK’s membership adds another layer of complexity to this dynamic.
