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Fantastic news, the EU is drowning in debt and bureaucracy.
Why joining CPTPP is the right choice – and would make it impossible for Labour to smuggle us into an EU customs union
Half a billion consumers. A combined GDP of £9 trillion. A naturally pro-free trade club. No wonder the UK wants to join the Comprehensive and Progressive Agreement for Trans Pacific Partnership, or CPTPP.
During our 45 years in the European Union, we often heard that the UK was happy with the idea of a free trade area, but had became increasingly opposed to the political union that the European Economic Community, then the European Community and finally the European Union was becoming.
However, there can be no doubt that the CPTPP is a classic free trade area. It spans four continents across Asia Pacific and the Americas, and includes some of the world’s most dynamic economies. It includes no moves to any political union – indeed, it would be hard to see, say Canada and Vietnam agreeing to pool sovereignty.
Right now, we’re on the final furlong to membership. Securing a deal that’s in the best interest of the UK and our businesses is one of my top priorities as Trade Minister.
This will be the biggest deal we’ve secured post-Brexit. And we will become the first country in the world to join the trade bloc’s existing 11 founding members, giving us a seat at a highly influential top table on the global stage.
The benefits to the UK of membership for our businesses are too many to list in full.
Joining CPTPP should mean 99 per cent of UK exports become eligible for tariff-free trade with trade bloc’s members. This could mean that we secure lower tariffs on iconic UK exports such as whisky and cars – both of which are in fierce demand in the Indo-Pacific.
These benefits will only grow over time. The more CPTPP expands, the greater the benefits and opportunities to the UK. With economies including the Philippines, Thailand, Taiwan, South Korea, Ecuador and Costa Rica having all expressed an interest in joining.
We will be at the heart of a dynamic group of countries, set to experience an extraordinary economic expansion, as the centre of gravity for global trade and growth shifts eastwards.
Indeed, 60 per cent of global trade already passes though shipping routes in the region. And the IMF expects the Indo-Pacific region to account for more than half of global growth over the next thirty years, compared to a quarter from the EU and North America combined.
Our accession will send a powerful signal that the UK is using our post-Brexit freedoms to futureproof the economy. We’re securing our place in the world in a network of countries committed to free and rules-based trade, one that rivals the single market as a global standards setter.
https://conservativehome.com/2022/1...abour-to-smuggle-us-into-an-eu-customs-union/
Fantastic news, the EU is drowning in debt and bureaucracy.
Why joining CPTPP is the right choice – and would make it impossible for Labour to smuggle us into an EU customs union
Half a billion consumers. A combined GDP of £9 trillion. A naturally pro-free trade club. No wonder the UK wants to join the Comprehensive and Progressive Agreement for Trans Pacific Partnership, or CPTPP.
During our 45 years in the European Union, we often heard that the UK was happy with the idea of a free trade area, but had became increasingly opposed to the political union that the European Economic Community, then the European Community and finally the European Union was becoming.
However, there can be no doubt that the CPTPP is a classic free trade area. It spans four continents across Asia Pacific and the Americas, and includes some of the world’s most dynamic economies. It includes no moves to any political union – indeed, it would be hard to see, say Canada and Vietnam agreeing to pool sovereignty.
Right now, we’re on the final furlong to membership. Securing a deal that’s in the best interest of the UK and our businesses is one of my top priorities as Trade Minister.
This will be the biggest deal we’ve secured post-Brexit. And we will become the first country in the world to join the trade bloc’s existing 11 founding members, giving us a seat at a highly influential top table on the global stage.
The benefits to the UK of membership for our businesses are too many to list in full.
Joining CPTPP should mean 99 per cent of UK exports become eligible for tariff-free trade with trade bloc’s members. This could mean that we secure lower tariffs on iconic UK exports such as whisky and cars – both of which are in fierce demand in the Indo-Pacific.
These benefits will only grow over time. The more CPTPP expands, the greater the benefits and opportunities to the UK. With economies including the Philippines, Thailand, Taiwan, South Korea, Ecuador and Costa Rica having all expressed an interest in joining.
We will be at the heart of a dynamic group of countries, set to experience an extraordinary economic expansion, as the centre of gravity for global trade and growth shifts eastwards.
Indeed, 60 per cent of global trade already passes though shipping routes in the region. And the IMF expects the Indo-Pacific region to account for more than half of global growth over the next thirty years, compared to a quarter from the EU and North America combined.
Our accession will send a powerful signal that the UK is using our post-Brexit freedoms to futureproof the economy. We’re securing our place in the world in a network of countries committed to free and rules-based trade, one that rivals the single market as a global standards setter.
https://conservativehome.com/2022/1...abour-to-smuggle-us-into-an-eu-customs-union/
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