Sunday, 01 October, 2023
Sunday, 01 October, 2023

UK formally signs up to trans-Pacific trading bloc

English Desk
  17 Jul 2023, 12:38

The UK government on Sunday announced it had formally signed a treaty to join a major Indo-Pacific bloc, as it looks beyond Europe for trading opportunities post-Brexit.

Business and Trade Secretary Kemi Badenoch signed the accession protocol for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.

It makes the United Kingdom the first new member and first European nation to join the bloc since it was created in 2018.

The CPTPP comprises fellow G7 members Canada and Japan, plus the UK's long-standing allies Australia and New Zealand, alongside Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.

It has been seen as a bulwark against Chinese dominance in the region, although Beijing has applied to join.

London has been pushing a "Global Britain" strategy since formally severing nearly 50 years of ties with its nearest neighbours in the European Union three years ago.

Sunday's signing -- the formal confirmation of the agreement for UK membership of the CPTPP after nearly two years of talks -- will be the UK's biggest trade deal since Brexit.

The government said it will cut tariffs for UK exports to CPTPP countries, which with UK membership will have a combined GDP of £12 trillion ($15.7 trillion), and account for 15 per cent of global GDP.

The agreement is expected to come into force in the second half of next year, after parliamentary scrutiny and legislation.

Badenoch called the deal "a big boost for British businesses", opening up opportunities for trade to a market of more than 500 million people and access to the wider region.

"We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country," she said.

UK accession to the CPTPP -- the successor to a previous trans-Pacific trade pact that the United States withdrew from in 2017 under president Donald Trump -- has been met with a mixed reception.

For Brexit supporters, it has been seen as a chance for the UK to join other trading blocs with faster-growing economies than those closer to home -- and boost the country's international geopolitical and economic clout.

But critics say it will struggle to compensate for the economic damage sustained by leaving the 27-member EU -- the world's largest trading bloc and collective economy.


  • Latest
  • Popular

The role of the news media is very important in Bangladesh: Russia

Women and children are at the most risk                                 in disaster-prone areas

1 in 10 Japanese aged 80 or above as elderly ratio hits record high

Ukraine says it will sue Poland, Hungary and Slovakia over food import bans

World Bank: Israeli restrictions hinder Palestinians' access to healthcare

UNICEF calls for more investment as South Asia remains a global epicentre for undernourished, anaemic adolescent girls, women

Commerce Secretary: Govt approves import of 40 million eggs

Amnesty: Bangladesh must stop weaponizing labour law to harass Dr Yunus

BNP announces 15-day program on one-point demand

Khaleda Zia’s jail term suspension extended again by 6 months

Govt to procure 6.72m MMBtu LNG, 1.58m tonnes fuel oil
The government has approved separate proposals for procuring some 6.72 million MMBtu liquefied natural gas
Bangladesh sets $72b export target with 11.52pc growth for FY24
Bangladesh has set an export target of 72 billion US dollars with a growth rate
Market prices of vegetable, fish soar
Prices of vegetables and fish have risen recently as kitchen markets in Dhaka have been
Green chilli sells for Tk 700 a kg!
When consumers are struggling to deal with the soaring prices of essentials, the retail price