First European country to join CPTPP
Dec 15, 2024
Washington [US], December 15: Britain today, December 15, became the first European country to officially join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to AFP.
Britain signed the CPTPP last year and is now officially the 12th member of the
British officials hope that CPTPP membership will boost the country's stagnant economy by £2 billion ($2.5 billion) a year.
According to AFP citing British government figures, the UK's overall trade value in the 12 months to the end of September was £1,700 billion.
In addition to the UK, the CPTPP now includes Canada, Japan, Australia, New Zealand, Brunei, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.
The bloc accounts for about 15% of global GDP and would give British businesses access to a market of more than 500 million people.
When the UK government signed the CPTPP in July 2023, then UK Trade and Business Secretary Kemi Badenoch called it the "biggest trade deal" since Britain left the European Union ( Brexit
Britain has signed a number of post-Brexit trade deals, including with Australia, New Zealand and Singapore, since leaving the European Union's single market at the start of 2021.
Britain is also pursuing a deal with Gulf countries and last month British Prime Minister Keir Starmer announced that Britain and India would resume stalled talks to agree a free trade deal.
Source: Thanh Nien Newspaper
