{"id":229275,"date":"2023-07-16T12:40:42","date_gmt":"2023-07-16T04:40:42","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=229275"},"modified":"2023-07-16T12:40:42","modified_gmt":"2023-07-16T04:40:42","slug":"uk-formally-signs-up-to-trans-pacific-trading-bloc","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=229275","title":{"rendered":"UK formally signs up to trans-Pacific trading bloc"},"content":{"rendered":"\n
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LONDON, July 16 (NNN-AGENCIES) — 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.<\/p>\n\n\n\n

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

It makes the United Kingdom the first new member and first European nation to join the bloc since it was created in 2018.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

It has been seen as a bulwark against Chinese dominance in the region, although Beijing has applied to join.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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 o12 trillion ($15.7 trillion), and account for 15 percent of global GDP.<\/p>\n\n\n\n

The agreement is expected to come into force in the second half of next year, after parliamentary scrutiny and legislation.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

“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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Analysts estimate the eventual UK economic boost is 1.8 billion pound ($2.2 billion) — a 0.08 percent annual GDP increase.<\/p>\n\n\n\n

The government’s spending watchdog, the Office for Budget Responsibility, in April forecast that the London’s Brexit deal with Brussels will reduce long-term productivity by 4.0 percent compared to when the UK was a member. — NNN-AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON, July 16 (NNN-AGENCIES) — 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. […]<\/p>\n","protected":false},"author":11,"featured_media":229278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[208,215,209],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/229275"}],"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\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=229275"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/229275\/revisions"}],"predecessor-version":[{"id":229280,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/229275\/revisions\/229280"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/229278"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=229275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=229275"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=229275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}