Saturday, 16 Oct 2021

Brexit Britain ready to reap ‘large benefits’ of £9trillion trading bloc

CPTPP would benefit from UK involvement claims trade expert

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The UK started the first official round of talks on Tuesday to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Julian Jessop, Economics Fellow at the Institute of Economic Affairs, has said Brexit has enabled the UK to tear down trade barriers and strike deals with emerging economies outside the European Union.

The former Treasury official has said the CPTPP will enable Britain to form partnerships with some of the world’s largest economies.

Mr Jessop told Express.co.uk: “One of the major benefits of Brexit is the opportunity to lower barriers to trade with faster-growing economies outside the EU.

“This can be done unilaterally, or by signing new deals with individual countries such as Australia, or by joining existing trade agreements like the Asia-Pacific pact.

“All these options will help to boost trade, but the benefits of signing up to the CPTPP could be relatively large, given the number and size of the economies involved.”

The CPTPP is made up of 11-nations which had a combined GDP of £9trillion in 2019.

The UK is in the process of entering the pact and would provide a £1.8billion injection to the UK economy, according to Government estimates.

The trade alliance removes 95 percent of tariffs between its members, Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.

International Trade Secretary Anne-Marie Trevelyan, who succeed Liz Truss during the recent Cabinet reshuffle, led the virtual talks this week.

She described the discussions as a “big milestone on our path to joining CPTPP”.

Britain formally applied to join in February, and in June the CPTPP announced the accession process would commence.

Ms Trevelyan said the CPTPP would create “real opportunities for UK exporters” and open the doors to “new, diverse markets”.

The Department for International Trade forecasts the trade pact could mean tariff-free trade for 99.9 percent of exports, including food and cars.

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Ms Trevelyan said: “This is a big milestone on our path to joining CPTPP, which will allow us to forge stronger links both with old friends and some of the world’s fastest-growing economies.

“Joining this high-standards partnership will provide real opportunities for UK exporters and service providers and help our innovators open up new, diverse markets.

“Seizing opportunities like this is exactly what Global Britain is about and will help bring high-quality jobs and prosperity to every region of our country.”

Trade Minister Penny Mordaunt travelled to South America this week to showcase “Global Britain”.

On her official visit, she met with Chile’s Minister of Agriculture Maria Emilia Undurraga, and her Peruvian counterpart Roberto Sánchez.

Ahead of the trip, Ms Mordaunt said: “Chile and Peru are important strategic trade partners for the UK, and I will be using the visit to explore deeper trade and investment ties with both countries.

“As we kick off negotiations to join CPTPP, there is no better time for British businesses to take advantage of the growing export opportunities in this dynamic part of the world.”
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