The UK is officially a member of the CPTPP

17/07/2023    47

This brought UK become a member of a modern and ambitious trading bloc that includes 12 economies across the Asia-Pacific region and now Europe.

Minister Kemi Badenoch is in Auckland with New Zealand Trade Minister Damien O’Connor, Vietnamese Industry and Trade Minister Nguyen Hong Dien, Canadian Trade Minister Mary Ng, Japanese Economic Recovery Minister Goto Shigeyuki and Australian Deputy Minister of Trade Tim Ayres to sign this important agreement.

The signing is a formal confirmation of the agreement for the UK to join the trading bloc, following a substantial conclusion of negotiations earlier this year. The UK government will now take the necessary steps to ratify the agreement, including parliamentary oversight, while other CPTPP member states finalize their internalization processes.

The signing took place in the context of the UK government publishing a new report that in 2019, 1 in 100 British workers worked for businesses owned by the CPTPP bloc, equivalent to more than 400,000. jobs across the UK.

British Business and Trade Minister Kemi Badenoch spoke at the signing ceremony. Photo: British Foreign Office

CPTPP businesses have shown great economic potential, accounting for only 0.3% of all businesses in the UK, but they generate 6.1% of total UK revenue, 20 times more. relative to the proportion of businesses they represent.

CPTPP membership is expected to boost investment in the UK by CPTPP member states, already worth £182 billion by 2021, by ensuring protections for investors. .

Speaking ahead of the signing ceremony, Minister Badenoch said: “I am delighted to be in New Zealand to sign an agreement that is expected to be a huge boost for British businesses and add billions of pounds. commercial activities, while opening up tremendous opportunities and unprecedented access to a market of more than 500 million peopleAccording to British Ambassador to Vietnam Iain Frew, the total trade turnover between the UK and Vietnam recently reached £6.9 billion, up 29% from last year. He believes that Britain’s accession to the CPTPP will promote stronger bilateral trade growth. Joining the CPTPP demonstrates the UK’s strategic commitment to the Indo-Pacific region. He thanked the Government of Vietnam for its support and cooperation during the accession process.

The UK is the first European member and the first new member since the CPTPP was established, something the UK cannot do if it is still in the European Union. With the UK joining as a member, the CPTPP will have a total GDP of 12 trillion pounds and account for 15% of total global GDP.

The UK government will take the necessary steps to bring the agreement into force, which is expected next year.

Being part of the CPTPP means that more than 99% of the UK’s current exports to CPTPP countries will be eligible for zero tariffs.

The deal is the gateway to the vast Indo-Pacific region, which will account for most of global growth and about half of the world’s middle-class consumers in the coming decades. , bringing new opportunities to British businesses as well as supporting jobs.

Chairman of the British Chamber of Commerce in Vietnam, Chris Jeffery, said that with the UK-Vietnam Free Trade Agreement, the UKVFTA is now available and now joining the CPTPP opens up even more business opportunities for the whole of Vietnam. and the UK, opportunities for British businesses in Vietnam are currently among the best in the world of trade.

“We believe that bilateral trade will continue to grow rapidly, British businesses now have many opportunities to take full advantage of the UK’s focus on developing relations and linkages with the UK. Asia”.

Source: Vietnam Posts English