UK joins the Trans-Pacific Free Trade Agreement

The United Kingdom signed this Sunday in New Zealand its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), making it the first country in Europe to join the group. The treaty will enter into force in the second half of 2024.

UK Trade Minister Kemi Badenoch, who participated in the ceremony accompanied by Peru’s Foreign Trade and Tourism Minister Juan Carlos Mathews and representatives of the CPTPP member economies, said: “This is a modern and ambitious agreement, and our membership in this exciting, bright and forward-looking bloc is proof that the UK’s doors are open for business.”

The signing of the accession of the United Kingdom to the CPTPP was carried out during the seventh Meeting of the Treaty Commission, which was attended by ministers and prominent officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore, Vietnam and Peru.

Now the European country is an integral part of the treaty, along with Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

With its adhesion to the CPTPP, the United Kingdom will have the green light to immediately eliminate “tariffs on 93.5 % of the tariff universe; which represents 96.1 % of the bilateral trade between Peru and the United Kingdom”. Additionally, “more than 60 tariff lines, including corn, husked and broken rice, glucose, sugar syrups and rum, will receive more favorable treatment than in the current bilateral agreement.”

Rishi Sunak, Britain’s Prime Minister, said: “This deal demonstrates the real economic benefits of our post-Brexit freedoms.”

M.Pino

Source: ellitoral.com

(Reference image source: Paul Silvan, Unsplash)

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