Meeting with Japanese and New Zealand ministers on the 1st of next month
Johnson “It will bring you huge profits”
Only 8.4% of total exports to the UK
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In commemoration of Brexit’s 1 year, the UK is applying for a comprehensive and progressive Pacific Rim Economic Partnership Agreement (CPTPP)
On the 30th (local time), British Minister of International Trade Leeds Truss announced on the 1st of next month that they would apply for membership in the CPTPP meeting with Japanese and New Zealand ministers. This is to commemorate the one year since Britain left the EU and became an independent trading country, the authorities explained. British Prime Minister Boris Johnson said, “A year after leaving the EU, we will build a new partnership that will bring enormous economic benefits to the British.”
The authorities said that the accession of the UK to major economies such as Mexico, Malaysia and Vietnam could be improved by joining the CPTPP. In particular, he added that tariffs in various industries such as food and beverages and automobiles will be cut, and new opportunities will be created in technology and services, which will increase high value-added jobs. In addition, he emphasized that, unlike the EU, membership in the CPTPP does not lose control of laws and borders. “It means lowering tariffs for automakers and whiskey producers, increasing access to quality service providers, and providing quality jobs,” Truss said. Formal negotiations are expected to begin within a few months.
The BBC predicts that the CPTPP covers a market of about 500 million people and generates 13% of global income, but the UK’s gains from this membership will be limited. This is because the UK already has trade agreements with 7 out of 11 countries that have joined the CPTPP and is also pursuing agreements with two countries. In particular, he pointed out that the CPTPP member countries do not account for 10% of UK exports. As of 2019, CPTPP member countries accounted for only 8.4% of UK exports. According to SkyNews, former Cabinet Foreign Minister Emily Thornbury also said that the Labor Party will be scrutinizing all agreements. “As with other agreements, the merits of joining the CPTPP should be evaluated.” He pointed out, “People will immediately ask why, after five years of debate to leave the trade block with Britain’s closest neighbors, rush to join another block on the other side of the globe without consultation.”
However, as the US President Joe Biden suggested joining the CPTPP, the BBC also added a positive interpretation that the power of the CPTPP will expand in the future if other countries such as the United States join.
/ Reporter Kim Yeon-ha [email protected]
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