The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement that was signed in March 2018 by 11 countries, including Japan, Canada, Australia, and New Zealand.
The UK has expressed interest in joining the agreement, and there are several potential benefits to doing so:
- Increased access to new markets: By joining the CPTPP, the UK would gain access to markets in Asia, the Americas, and Oceania. This could provide new opportunities for UK businesses to export their goods and services, and to attract investment from these countries.
- Reduced trade barriers: The CPTPP reduces tariffs and other trade barriers between member countries, making it easier and cheaper for UK businesses to trade with these countries. This could lead to increased competitiveness and lower prices for consumers.
- Improved regulatory alignment: The CPTPP includes provisions to promote regulatory coherence and alignment between member countries. This could reduce the costs and complexities of complying with different regulatory regimes, and make it easier for UK businesses to operate in multiple markets.
- Strengthened geopolitical ties: The CPTPP is seen by many as a way to strengthen economic and geopolitical ties between member countries. By joining the agreement, the UK could deepen its relationships with countries in the Asia-Pacific region, and increase its influence in global trade negotiations.
- Enhanced standards for labor and the environment: The CPTPP includes provisions to promote higher labor and environmental standards, which could benefit workers and communities in member countries. By joining the agreement, the UK could demonstrate its commitment to these values and help to promote them on a global scale.
Overall, joining the CPTPP could provide significant economic and strategic benefits for the UK, and help to strengthen its position as a global leader in trade and commerce.