U.K. to Begin Process to Join Trans-Pacific Trade Partnership

Article content

(Bloomberg) — Member nations of a Pacific regional trade deal agreed Wednesday to allow the U.K. to begin the process to join, Japan’s economy minister said, in a potential boost for the country’s trade following Brexit.

Yasutoshi Nishimura said the move would strengthen economic ties between the U.K. and Japan, as well as making the zone covered by the deal equal to the EU in terms of economic size. He spoke to reporters after hosting an online meeting of ministers and officials from the 11 countries who make up the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

“The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world of our commitment to support a free, fair, open, effective, inclusive and rules-based trading system,” the ministers said in a joint statement.

While the grouping was at one point seen as a way for the U.S. and Japan to counter the growing economic might of China, former President Donald Trump withdrew from negotiations when he took office in 2017 and his successor Joe Biden hasn’t indicated any reversal is likely.

More recently, China itself has shown interest in joining the pact, following its signing of the separate Regional Comprehensive Economic Partnership, a less demanding agreement covering some of the same nations.

Article content

Japan has been supportive of the U.K.’s efforts to seal global trade deals as it seeks to carve out a bigger role in Asia following its exit from the EU. The two countries reached a bilateral trade agreement last year. The U.K. also has separate pacts with other member countries including Canada, Singapore and Vietnam and is pushing for one with Australia. Brunei, Chile, Malaysia, Mexico, New Zealand, Peru are also part of CPTPP.

The U.K. made its formal application to join CPTPP in February. Becoming a member would accelerate the U.K.’s growth in export trade with faster-expanding Asian economies, according to Bloomberg Intelligence analyst Mike Dennis. The U.K. recorded a trade surplus with CPTPP countries in the first quarter of 2021, he added.

©2021 Bloomberg L.P.


Source link


Leftist poised for victory in knife-edge Peruvian vote

Leftwing candidate Pedro Castillo seemed poised for victory in Peru’s nail-biting presidential election on Monday and spelt out his economic proposals in a...

SpaceX and NASA Crew-3 dazzles during night launch to space station – CNET

Four astronauts left Earth on Wednesday evening, lifting off from Kennedy Space Center under a veil of darkness.Source link

The use of cryptocurrencies in international trade

In a world in constant and permanent evolution, where digitization and technological progress are undeniably the watchwords, crypto-currencies constitute a milestone in the history...

A shot in the arm for Covid-19 vaccination

They are required to put in public domain information about the supply of vaccines at the district and at the centres, and it...

Top 5 Benefits of Hiring Copywriting Services

There are more benefits to hiring professional copywriting services than you might expect. Keep reading and learn more here.As a small business owner, it's...