Arab Press

بالشعب و للشعب
Saturday, Sep 14, 2024

Sunak hails Britain joining Indo-Pacific trade bloc

Sunak hails Britain joining Indo-Pacific trade bloc

Critics say the impact will be limited, with official estimates suggesting it will add less than 1% to UK GDP
Rishi Sunak has hailed the UK’s acceptance as a member of a major Indo-Pacific trade bloc, saying it puts Britain in a “prime position” in the global economy.

The UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was formally confirmed in a telephone call between Trade Secretary Kemi Badenoch and counterparts from the group.

It represents Britain’s biggest trade deal since leaving the EU, cutting tariffs for UK exporters to a group of nations which – with Britain’s accession – will have a total gross domestic product (GDP) of £11 trillion, accounting for 15 per cent of global GDP, according to UK officials.

The Prime Minister said it demonstrated how the UK is able to take advantage of its “post-Brexit freedoms” to strike agreements that were impossible when it was in the EU which will drive economic growth across the country.

However critics have said the impact will be limited, with official estimates suggesting it will add just £1.8 billion a year to the economy after 10 years, representing less than 1 per cent of UK GDP.

Labour said it was essential to ensure that UK safeguards on consumer safety, food safety, data protection and environmental protections were not compromised as a result of the agreement.

Britain is the first new member, and first European nation, to join the bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.

It follows nearly two years of negotiations, culminating in intensive talks in Vietnam earlier this month, when representatives of all 11 existing members agreed to the UK joining.

While Britain already has trade agreements with most of the CPTPP members, apart from Malaysia, officials said it would deepen existing arrangements, with 99% of UK goods exported to the bloc now eligible for zero tariffs.

Key UK exports to the region, including cheese, cars, chocolate, machinery, gin and whisky, will be among those to benefit, while officials said the services industry would also enjoy reduced red tape and increased market access.

At the same time, they said vital UK sectors, including agriculture and the NHS, will be protected, while existing animal welfare and food safety standards will be maintained.

It represents a continuation of the post-Brexit policy “tilt” towards the Indo-Pacific region first initiated by Boris Johnson.

Mr Sunak said it would put the UK at the centre of a “dynamic” group of Pacific economies, giving British businesses “unparalleled access to markets from Europe to the south Pacific”.

“We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms,” he said.

“As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.”

The CBI welcomed the agreement as a “milestone” for British industry, reinforcing the UK’s commitment “to building partnerships in an increasingly fragmented world”.

Interim director-general Matthew Fell said: “CPTPP countries and business need to work together to future proof the rules-based trading system and stimulate growth with a focus on digital, services and resilient supply chains.”

Labour said that while the agreement represented “encouraging” progress, it needed to see the details.

Shadow trade secretary Nick Thomas-Symonds said: “The Conservative Government’s track record in striking good trade deals is desperately poor.

“Other countries joining CPTPP arrangements have secured important safeguards and put in place support for their producers: it is vital that ministers set out if they plan to do the same.”

Liberal Democrat trade spokeswoman Sarah Green said: “This Conservative Government is responsible for some shocking trade deals that fail to add economic benefit to the UK.

“The Conservatives have trashed the British economy with GDP stagnant and this announcement will not even repair a fraction of their damage.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Escalating Conflicts in the West Bank, Lebanon, and Ukraine: A Global Perspective on Violence and Political Tensions
UK Introduces £10 Electronic Travel Authorization Amid Global Turmoil: Zelensky's Peace Plan, Middle East Tensions, and Argentina's Aviation Strike
Taliban Bans MMA, WHO Approves First Mpox Vaccine, UK's Largest Child Abuse Investigation Yields Convictions, Dutch Migration Controls Tighten, NATO Condemns Russian Missile Strike, and London's Migration Museum Celebrates Immigrant Contributions
Iran's Repression of Women Intensifies, Global Protests, and High-Stakes Diplomatic Efforts Mark A Day of Geopolitical Turmoil
Global Headlines: Quiboloy's Plea, Taiwan's F-16V Arrival, Hezbollah-Israel Clashes, Zambada's U.S. Arraignment, German Naval Movement, Morocco Flooding
Typhoon Yagi Devastates Southeast Asia while Global Tensions Rise: A Rundown of Major Events
Global Unrest: Israeli Strike Kills Child, Russia Expels British Diplomats, Sweden's Migration Policy, and More
PETA Condemns Real Bearskin Caps at Buckingham Palace, Offers Faux Alternatives Amid Soaring Costs and Global Turmoil
Biden Marks 30 Years of Violence Against Women Act; Global and Domestic Turmoil Heighten Tensions
Israel's Elite Unit 8200 Chief Resigns Amid Post-Hamas Attack Turmoil, Global Political Updates Follow
UN Struggles to Resolve Libya’s Central Bank Crisis Amid Broader Regional Turmoil; Salman Rushdie's Memoir Nominated for National Book Awards
Russian Attack on Red Cross Vehicles in Ukraine Highlights Humanitarian Risks; Notre Dame's Reopening Offers Glimmer of Hope Amid Global Crises
Global Outcry Follows Deadly Israeli Airstrike on Gaza School Amid Escalating Regional Conflicts and Cultural Looting
Turkiye Calls for UN Inquiry into Activist's Death Amidst Middle East Tensions
Global Justice, Economic Reforms, and War: Key Issues Captivating the World
Turkiye Condemns US-Cyprus Defense Pact Amid Escalating Global Tensions and Conflicts
Haitian Immigrants Boost Springfield’s Economy Amid Misinformation and Unity Efforts
International Outcry Over Shooting of Turkish-American Activist; Global Leaders Demand Accountability
Iranian President Criticizes Western Support for Israel in First International Trip to Baghdad Amid Tensions
Iran Denies Missile Deliveries to Russia Amid New Sanctions
International Condemnation Flares as Israeli Airstrike on Gaza Humanitarian Zone Escalates Middle East Tensions
Global Strife and Resilience: Humanitarian Efforts in Myanmar and Gaza, Tragic Events in Algeria, and Legal Battles in Kosovo
Global Snapshot: Repression in Tunisia, Islamist Gains in Jordan, Accountability Demands by Biden, Rocket Attack in Iraq, Russian Naval Exercises, and Violence Against Polio Workers in Pakistan
Global Turmoil: Nairobi Airport Strike Over Adani Lease, Typhoon Yagi's Devastation, France Reintegrates Daesh Children, and 9/11 Remembrances
Global Crises: Israeli Helicopter Crash, UK's Travel Policy Shift, Iran's Sanctions, and Escalating Tensions from Ukraine to Myanmar and Philippines
IMF Agrees to $1.1 Billion Aid for Ukraine Amidst Rising Tensions and Global Diplomatic Efforts
Escalating Global Tensions: From Libya’s Crackdown to US-Israel Relations and India’s Internal Strife
Biden Considers Lifting Ban on Ukraine's Long-Range Weapons Amid Growing Conflict with Russia; Winter Energy Crisis Looms
Turkiye Rejoins Arab League After 13 Years; Nestlé Faces Record Environmental Fine in France; Escalating Violence in Middle East Raises Alarms
Dubai Conference Cancels Talk by Ex-Children’s Hospital Doctor Under Investigation
UK Halts Iran Flights Amid New Sanctions
Israeli Forces Near Completion of Gaza Mission Amid Heightened Tensions with Hezbollah and Growing Humanitarian Crisis
Libya Rebuilds Amid Political Instability; Global Conflicts and Sanctions Shape Geopolitical Landscape
Jordan Reopens Border Amid Regional Turmoil; Key Incidents Highlight Ongoing Middle East Tensions
Global Tensions and Triumphs: Blinken's UK Visit, Middle East Ceasefire, SpaceX Milestone, and East Timor Papal Mass
Global Turmoil: Typhoon Yagi Devastates Vietnam; Kim Jong Un Announces Nuclear Expansion; Ukraine Launches Massive Drone Attack on Moscow
Tragedy in Gaza, Misinformation in Ohio, and Rising Tensions: A Global News Roundup
Key CIA Officer in Historic 'Argo' Mission Passes Away; Tunisia Election Controversy & North African Floods Dominate Headlines
Lebanon's PM Urges UN Action Amid Escalating Clashes; US Presses Israel on Activist's Killing; Iran Denies Missile Allegations
Jordan-EU Talks, Egypt-EU Cooperation, U.S.-Cyprus Defense Pact, Dutch Court’s Verdict, and UN's Polio Campaign Amid Gaza Crisis: A Global Roundup
Mourners Honor US-Turkish Activist Killed in West Bank as Global Leaders React to Escalating Conflicts and Economic Inequalities
Global Unrest: Renewed Sudan Violence, Gaza School Delays, and Japan’s Diplomatic Shift Amid Political Tensions
Global Turmoil: Turkish Strikes, Bangladesh Extradition Row, Gaza Conflict, Nigerian Tragedy, Afghan Refugee Heartache, and Indonesian Aviation Incident
Migrant Tragedy Near Sicily Highlights Deadly Mediterranean Route; Global Political Developments and Defense Challenges Under Scrutiny
Severe Flooding in Morocco Leaves 4 Dead and 14 Missing
Tragedies Across Yemen and Morocco, Regional Conflicts Escalate, and Calls for Repatriation of Ancient Artefacts Mark a Tense Global Landscape
Erdogan Targets Military Graduates over Secular Oath Amidst Global and Regional Tensions
Tragic Discovery in Turkey, Arms Sales Suspended in UK-Israel Tensions, and VP Harris Launches Swing State Tour as Global Crises Unfold
Pope Francis Brings Hope to Papua New Guinea; U.S. Faces Active Shooter on Interstate 75; Venezuelan Opposition Leader Seeks Asylum in Spain; Tensions in West Bank and Diplomatic Talks in UAE
Mass Protests in Israel Over Hostage Crisis Amid Escalating Regional Tensions: A Global Overview
×