Along: PAN PYLAS, Associated Press Posted: Posted June 22, 2021 / 4:04 am CDT / Has been updated: June 22, 2021 / 4:04 am CDT London (AP) — The United Kingdom began negotiations on Tuesday to join a trade partnership in and around the Pacific. This is because they are looking for new opportunities around
Along: PAN PYLAS, Associated Press
Posted: Posted / Has been updated:
London (AP) — The United Kingdom began negotiations on Tuesday to join a trade partnership in and around the Pacific. This is because they are looking for new opportunities around the world after leaving the European Union.
The UK government said the negotiating team will work over the next few months to participate in a comprehensive and progressive agreement of 11 countries on a trans-Pacific partnership with about 500 million people.
Participation in free trade areas is said to deepen the relationship between the Asia-Pacific region, including Mexico, Malaysia and Vietnam, and the fast-growing economies of the Americas. We have selected digital, services and finance as sectors that are in a position to benefit from trade agreements. This states that 99.9% of exports should mean tariff-free trade.
“Membership of the CPTTP Free Trade Partnership will open up unparalleled opportunities for UK companies and consumers in the fast-growing Indo-Pacific,” said Prime Minister Boris Johnson. “Based on the country’s entrepreneurial and free trade history, it is an exciting opportunity to bring economic benefits to Britain as a whole.”
The CPTTP is a much looser arrangement than the European Union, which Britain officially left last year, as it does not include political integration. After the end of the transition period aimed at facilitating the UK’s departure, the country can now negotiate its own trade agreement. Last week, the British government negotiated a rough outline of a trade agreement with Australia. This will eliminate tariffs on various products over the next few years.
The United States, the world’s largest economy, is not part of the partnership. Former President Donald Trump has withdrawn the country from its predecessor, the Trans-Pacific Partnership. His successor, Joe Biden, previously stated that he would like to rejoin the group, but has not yet made a substantive plan since taking office in January.
China, the world’s second-largest economy, does not belong either.
The UK government said the CPTPP countries will account for about £ 110 billion ($ 153 billion) of UK trade in 2019. That’s a fair amount, but that’s about one-sixth of the UK’s business with the EU.
Follow Brexit and all Associated Press stories about British politics at https://apnews.com/Brexit
UK Promotes Negotiations to Join Pacific Trade Partnership | WGN Radio 720
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