Arab Press

بالشعب و للشعب
Saturday, Feb 22, 2025

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
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Gaza Children.
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
×