UK officially joins CPTPP: Together promoting global prosperity
Việt Nam•17/12/2024
On December 15, the UK became the first European country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This is the country's largest post-Brexit trade deal.
By joining the CPTPP, the UK officially became the 12th member of this trade bloc. The UK signed the agreement to join the CPTPP in July last year. Illustration photo: Internet.
British officials expect that joining the CPTPP will bring the country's economy about 2 billion pounds per year (equivalent to 2.5 billion USD) thanks to British businesses being able to access a market of more than 500 million people.
The UK became the first European country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, which is significant. Joining the CPTPP shows that the UK is looking to strengthen its global trade position after leaving the European Union (EU). This allows the UK to expand its trade relations with Asia-Pacific countries, where the economy is growing rapidly. The CPTPP is one of the world's largest trade agreements, including economies such as Japan, Canada, Australia, and others. Joining will help the UK access a larger market, boost exports, and attract investment from member countries. After Brexit, the UK has the opportunity to diversify its trade relationships, no longer depending on the EU market. The CPTPP helps the UK have more potential trade partners, thereby minimizing risks if there are economic fluctuations in Europe. The CPTPP commits to promoting high standards on labour, environment and sustainable development. The UK can promote innovation and improvement in these areas by becoming a member of the agreement. Joining the CPTPP may affect the UK's domestic policies, especially in areas such as agriculture, manufacturing and services, as the UK must adjust to the rules and standards of the agreement. The UK's accession to the CPTPP is not only an important step in its post-Brexit trade strategy, but also opens up new opportunities for the UK economy on the international stage. The UK Ambassador to Vietnam, Iain Frew, said the UK is committed to being a proactive and credible member of the CPTPP. The UK is ready to support Vietnam's ambitions for sustainable growth and innovation, while promoting inclusive trade that benefits everyone. Furthermore, we see Vietnam as a gateway to Southeast Asia and an important ally in addressing common global challenges such as climate change and enhancing economic resilience.
British Ambassador to Vietnam Iain Frew.
As one of the world’s most comprehensive and dynamic free trade agreements, offering huge opportunities for economic growth and international cooperation, the CPTPP currently comprises 11 countries, accounting for 12% of global GDP. With the UK’s accession, the CPTPP will account for 15% of the world’s GDP and a population of over 500 million people. CPTPP membership will also complement and strengthen the UK’s existing bilateral trade agreements with CPTPP countries.
The UK’s official accession to the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) not only marks a significant turning point in the country’s trade policy after leaving the European Union, but also has great significance and significance in promoting global prosperity. The UK’s participation in the CPTPP helps to expand markets for goods and services from member countries, creating new trade opportunities and strengthening economic connectivity between countries. The UK is one of the world’s largest financial centers, and joining the CPTPP can attract more investment from other member countries, while encouraging British businesses to invest in new markets. The UK can contribute to raising trade standards and regulations in the CPTPP, promoting issues such as environmental protection, labor rights and sustainable trade. The UK's accession also demonstrates its commitment to multilateral cooperation and addressing global trade issues, thereby promoting global stability and prosperity. With the UK's participation, the CPTPP can become a platform for sharing technology and innovation, thereby enhancing the competitiveness of member countries. Joining the CPTPP strengthens the UK's position in the international arena, showing that the country continues to play an important role in global economic issues, despite leaving the EU. The UK's accession to the CPTPP not only benefits the UK itself but also contributes to promoting global prosperity through increased trade, investment and cooperation between countries./.
Comment (0)