Budapest Post

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

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.”
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
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
A monster hit and a billion-dollar toy empire
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
Canada: Nurse Suspended and Fined 93 Thousand Dollars After Stating the World’s Most Well-Known Fact Since the Creation of Adam and Eve, That There Are Only Two Genders
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
U.S. Treasury Secretary Whitney Bessent Backs Stablecoins to Boost Treasury Demand
Spain to Declare Disaster Zones After Massive Wildfires
Three-Minute Battery Swap Touted as Future of EVs
Beijing Military Parade to Showcase Weapons Advances
U.S. Tech Stocks Slide on AI Boom Concerns
White House Confirms Talks Over Intel Stake
Trump Suggests U.S. Could Support Ukraine ‘By Air’
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
UK Government Tries to Sue 4chan for Breaching Online Safety Act
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Cambridge Dictionary Adds 'Skibidi,' 'Delulu,' and 'Tradwife' Amid Surge of Online Slang
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
The CEO Who Replaced 80% of Employees for the AI Revolution: "I Would Do It Again"
"Every Centimeter of Your Body Is a Masterpiece": The Shocking Meta Document Revealed
Character.ai Bets on Future of AI Companionship
China Ramps Up Tax Crackdown on Overseas Investments
Japanese Office Furniture Maker Expands into Bomb Shelter Market
Intel Shares Surge on Possible U.S. Government Investment
Hurricane Erin Threatens U.S. East Coast with Dangerous Surf
EU Blocks Trade Statement Over Digital Rule Dispute
EU Sends Record Aid as Spain Battles Wildfires
Beijing is moving into gold and other assets, diversifying away from the dollar
China Requires Data Centres to Source Majority of AI Chips Locally, For Technological Sovereignty
Escalating Clashes in Serbia as Anti-Government Protests Spread Nationwide
Category 5 Hurricane in the Caribbean: 'Catastrophic Storm' with Winds of 255 km/h
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Digital Humans Move Beyond Sci-Fi: From Virtual DJs to AI Customer Agents
YouTube will start using AI to guess your age. If it’s wrong, you’ll have to prove it
Jellyfish Swarm Triggers Shutdown at Gravelines Nuclear Power Station in Northern France
OpenAI’s ‘PhD-Level’ ChatGPT 5 Stumbles, Struggles to Even Label a Map
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×