Trans-Pacific Trade Bloc Signed By The United Kingdom To Get Market Access Of 500 Million People
by upasana sarbajna Business 17 July 2023
The United Kingdom will be the very first European member and also the first new member since the CPTPP started operating, which the government emphasizes would have been impossible if they hadn’t left the European Union economic bloc.
On Sunday, the United Kingdom had officially signed the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership trade bloc, which is also known as the CPTPP. This move is expected to help grow the economy of the country and also give access for British business to a market of more than 500 million people.
Kemi Badenoch, UK Business and Trade Secretary, who is also the leader for the proceeding free trade agreement [FTA] bargains with India, signed the agreement previously this year during his visit to Auckland and addressed it as a “major post Brexit win for the country.”
The UK will now look forward to ratifying the agreement, which will be inclusive of parliamentary scrutiny as the fellow CPTPP countries complete their legislative proceedings to enroll Britain into the trading bloc, India, which is not a part of.
“I’m delighted to be here in New Zealand to sign the deal that will be a big boost for British business and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people,” Badenoch added.
“We are using our status as an independent trading nation to join an exciting, growing, forward looking trade-bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP owned business already support up and down the country,” she mentioned. This trade group membership is potentially to spark the future investments in the United Kingdom, which was already with GBP 182 billion in 2021, by assuring investor protections.