Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Britain strikes biggest post-Brexit trade deal

Britain strikes biggest post-Brexit trade deal

The United Kingdom has clinched its biggest trading deal since leaving the European Union three years ago, though critics say it pales into insignificance compared to Brexit losses.
On Friday, the government announced Britain was joining the Asia-Pacific trade pact, known as the CPTPP, which includes Japan, Mexico and Australia.

The UK economy will receive a 1.8 billion pound (2 billion euro) boost in the long run, with tariffs on goods such as cheese, cars, chocolate, machinery, gin and whiskey slashed, said the government.

They expected the CPTPP to increase the size of the economy by a modest 0.08% in ten years.

Brexit will reduce the UK's long-term potential economic growth by 4% in the long term, according to the Office for Budget Responsibility, which advises officials.

The new trade area covers a market of around 500 million people and around 15% of world GDP, with the UK.

Pointing out that the country could not have joined if it was in the EU, Downing Street said the pact "seizes the opportunities" of "new freedoms" post-Brexit.

The UK already had free trade deals with most members of the CPTPP, some of which were rolled-over agreements struck by the EU.

Many Brexit "benefits" promised by the Leave Campaign, such as an extra 350 million pounds (398 million euros) for the country's public health care system, have not materialized.

Polling suggests a majority of Britons now think it was wrong to exit the EU, though a recent report suggested chances of rapprochement are 'slim'.

“Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies, as the first new nation and first European country to join,” said Prime Minister Rishi Sunak.

The deal comes amid an “Indo-Pacific tilt” in London's economic and foreign policy, viewing the region’s economic growth and China’s rising influence on the world stage.

Critics said the deal with nations thousands of kilometers away is insignificant compared to Britain’s trade with the 27-strong EU, also the world's richest trading bloc.

Brexit has created large barriers to trade between Britain and the bloc, which remains by far the UK’s biggest economic partner.

David Henig, a trade expert at the European Center for International Political Economy, said CPTPP membership would not have a huge economic impact but “on balance” it was good for Britain.

“Doesn’t do a lot for us (services provisions for example are weak), but trade policy is all about marginal gains these days, and it should be that,” he wrote on Twitter.

London has concluded trade treaties with the EU, but also with more distant countries, such as Australia, New Zealand and Singapore.

Discussions are underway with India and Canada.

An agreement much hoped for by the British government with the United States is long overdue and negotiations with Washington are stalling.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
×