Madrid, March 31 (European Press) –
The UK has joined a group of 11 countries that are part of the Comprehensive and Advanced Trans-Pacific Partnership (CPTPP) free-trade space, among them countries such as Japan or Australia, after they left the European Union to reduce trade agreements for the country.
According to a statement from the British government, negotiations to join the CPTPP have been running for 21 months and will allow British exporters to “access new opportunities for business, growth and innovation”.
The agreement must be ratified by the British Parliament, which is expected to be ratified by the end of this year, and by other member states, including Australia, Brunei, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam.
The UK government has confirmed that the agreement will generate £1,800m (€2,046m) of fringe benefits over a ten-year period, in addition to the expectation that salaries will increase overall by a total of £800m (909m). million euros) compared to 2019.
Joining the CPTPP, British Prime Minister Rishi Sunak said, “puts the UK at the center of a growing and dynamic group of Pacific economies,” noting that his country will be the first European country to join.
“In our hearts we are an open, free-trade country, and this deal demonstrates the real economic benefits of our post-Brexit freedoms,” Sunak added.
The Trade Minister, Kemi Badenoch, confirmed that this was an “important moment” for her country, as well as sending a “strong signal that the UK is open for business”.
The CPTPP plan, which allows tariffs to be reduced between member states by 95%, was born as a reinforcement by the Barack Obama administration to counter China’s economic dominance in the region, but with the subsequent arrival of Donald Trump in the White House, the United States. The United States The United States withdrew from the negotiating table and the agreement was signed by the rest of the countries.
Recently, South Korea, Taiwan and Thailand have expressed interest in joining the FTA and even China has shown interest in exploring joining the CPTPP.
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