KUALA LUMPUR, March 31 (NNN-Bernama) \u2014 The United Kingdom (UK) has concluded trade talks with member countries to join the\u00a0Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)\u00a0after 21 months of negotiations,\u00a0boosting trade with Malaysia and the wider Indo-Pacific region.\u00a0<\/p>\n\n\n\n
The British High Commission in Kuala Lumpur said the trade bloc is home to over 500 million people and would have a total gross domestic product (GDP) of \u00a311 trillion once the UK joins.<\/p>\n\n\n\n
\u201cNegotiations, which began in June 2021, concluded after an intense round of talks in Vietnam, with representatives from all CPTPP member countries agreeing that the UK has reached a conclusion of its accession process to join CPTPP,\u201d it said in a statement.<\/p>\n\n\n\n
\u201cThe UK is the first European country to join the trade bloc, and the first new member since the CPTPP was created, taking it from a Pacific agreement to a truly global one,\u201d it added.<\/p>\n\n\n\n
It also said the UK\u2019s accession to the dynamic trade bloc follows news of Malaysia\u2019s ratification last November, in which both countries would gain significantly increased access to each other\u2019s economies soon. <\/p>\n\n\n\n
\u201cUK businesses, that exported \u00a33.3 billion worth of goods and services to Malaysia in the 12 months to the end of September 2022, could benefit from this agreement. It also means significantly better Malaysian market access to the UK market,\u201d it said. <\/p>\n\n\n\n
The high commission said that the UK imported around \u00a32.6 billion worth of goods and services from Malaysia in the four quarters to the end of the third quarter of 2022.<\/p>\n\n\n\n
\u201cBusinesses and consumers could benefit from preferential tariffs that the UK will offer to Malaysia in CPTPP,\u201d the high commission said. <\/p>\n\n\n\n
British High Commissioner to Malaysia Charles Hay said the UK\u2019s bilateral trade with Malaysia \u201ccurrently totals \u00a35.9 billion and is on a positive growth trajectory.\u201d<\/p>\n\n\n\n
\u201cThe UK\u2019s accession to CPTPP and the increased market access for both the UK and Malaysia will enable us to harness the full potential of our bilateral trade and investment relations,\u201d he said in the same statement. <\/p>\n\n\n\n
UK business and trade secretary Kemi Badenoch said accession to CPTPP sends a powerful signal that the country has been open for business and using post-Brexit freedoms to reach out to new markets, including in the Asia Pacific region.<\/p>\n\n\n\n
\u201cJoining this influential trade bloc will help us to shape the rules of global trade with like-minded nations, and work even closer together on our shared priorities of prosperity, security, and free and fair trade,\u201d she said. <\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, March 31 (NNN-Bernama) \u2014 The United Kingdom (UK) has concluded trade talks with member countries to join the\u00a0Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)\u00a0after 21 months of negotiations,\u00a0boosting trade with Malaysia and the wider Indo-Pacific region.\u00a0 The British High Commission in Kuala Lumpur said the trade bloc is home to over 500 […]<\/p>\n","protected":false},"author":30,"featured_media":216814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/216800"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=216800"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/216800\/revisions"}],"predecessor-version":[{"id":216815,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/216800\/revisions\/216815"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/216814"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=216800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=216800"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=216800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}