China's application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP) poses political challenges for member countries, as the trade pact was initially created to counter China's economic influence. While technical standards may not be insurmountable, the decision to allow China's entry will ultimately be political, with all members having veto power. China's desire to join the CPTPP stems from its economic performance and the potential for domestic economic reform. However, hurdles include China's state-owned enterprises, intellectual property rights, data sovereignty laws, and ongoing trade disputes with member countries. The political tensions between China and certain member countries, such as Australia, further complicate the decision-making process. Additionally, the possibility of the U.S. reconsidering its withdrawal from the CPTPP adds another layer of complexity.
Taiwan is conducting an investigation into a possible leak of official documents, including diplomatic cables and classified reports, related to its bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Some parts of the documents, which were posted on an online message board, are believed to be authentic, while others may have been forged. The origin of the documents is yet to be determined. Taiwan's National Security Bureau (NSB) is looking into the matter and also investigating whether China was involved. The incident comes at a sensitive time for Taiwan, as it prepares for upcoming elections and faces objections from China regarding its CPTPP membership.
Britain has formally signed a treaty to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country's largest post-Brexit trade deal. The deal, which includes countries such as Canada, Mexico, Japan, Australia, and Singapore, will allow over 99% of current UK goods exported to CPTPP nations to be eligible for zero tariffs. However, the long-term impact on Britain's growth prospects remains uncertain, as the government's own estimates suggest a minimal increase in GDP. Nevertheless, the deal is seen as an opportunity to access a market of over 500 million people and drive export-led growth in critical sectors.
Former UK Prime Minister Liz Truss has called on the UK to use its membership of the CPTPP to prevent China from joining the trade deal, despite Beijing's application. Truss argued that the bloc is an important economic bulwark against China and a counterweight to those who seek to undermine Western values. The UK's membership means it will have a vote on whether new applicants should be able to join.
Britain has agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact that includes Japan and Australia, as it looks to deepen ties in the region and build its global trade links after leaving the European Union. The deal will cut tariffs on cars, spirits, and dairy products, and boost the economy by £1.8bn each year in the long run. Britain is the first new member to join the group, and its membership gives it strategic benefits as it can now influence whether applicants China and Taiwan may join the group.
The UK has agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade bloc spanning 11 countries including Canada, Mexico, Japan, Australia, Vietnam, Singapore, and Malaysia. The deal, which is expected to be signed by year-end, will cut tariffs on exports of food, drink, and cars, and will grant access to a market of around 500 million people, worth 15% of global GDP. The UK estimates joining the CPTPP will boost its economy by £1.8 billion in the long term and lift wages by £800 million compared with 2019 levels.
The UK has reached a trade deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the first new member and the first in Europe to join since it came into force in 2018. The deal is being hailed as the UK's biggest trade deal since Brexit and could help lift economic growth in the country by £1.8 billion ($2.2 billion) in the long run. As a member, more than 99% of UK exports to the 11 CPTPP countries will now be eligible for tariff-free trade, including major exports such as cheese, cars, chocolate, machinery, gin, and whisky.
Britain is expected to soon reach a broad agreement with the 11 members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes Japan and Australia, as it seeks to join the trade pact as part of its post-Brexit pivot towards geographically distant but fast-growing economies, especially in the Indo-Pacific. The aim is to further cut tariffs on goods and reduce barriers to services and digital trade. Discussions are set to be held later this week, with an update expected at the "earliest possible opportunity".
Britain has secured an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the first new nation to join the 12-nation trade bloc since its establishment in 2018. The deal's market access requirements and sanitary and phytosanitary standards have been met by the UK, and a resolution of a spat with Canada over agricultural market access has smoothed the way to joining up. The deal will be signed at a later time after legal verification and translation into various languages.
