UK Begins Formal Negotiations To Join Trillion Dollar Trans-Pacific Partnership
Britain is today opening formal negotiations with 11 countries as it ramps up a bid to join the Trans-Pacific Partnership.
Boris Johnson hailed the bid as his Foreign Secretary Dominic Raab launched three days of talks underpinning the Government’s “tilt” towards the Indo-Pacific region.
The Prime Minister said there was an “exciting opportunity” as negotiations formally launch over the UK becoming part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is a free trade agreement between 11 countries – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The UK applied to join in February, and earlier this month the CPTPP announced that the accession process would begin.
Dominic Raab arrived in Hanoi, Vietnam, yesterday ahead of the accession process beginning today.
The UK already has trade agreements with seven CPTPP members, but Mr Johnson said: “Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific.
“It’s an exciting opportunity to build on this country’s entrepreneurial spirit and free-trading history to bring economic benefits across the whole of the UK.”
The Government said CPTPP members have a combined GDP of £9 trillion, and it is hoped that joining the alliance would open up access to some of the world’s biggest current and future economies.
Officials predict that UK exports to CPTPP countries will rise by 65% (£37 billion) by 2030.
And the Government said CPTPP membership would lower tariffs on British cars and whisky, with tariff-free trade for 99.9% of exports.
The Government also said any deal would help British farmers sell beef and lamb into countries such as Mexico, as CPTPP countries would account for 25% of global import demand for meat by the end of the decade.
International Trade Secretary Liz Truss added: “This part of the world is where Britain’s greatest opportunities lie. We left the EU with the promise of deepening links with old allies and fast-growing consumer markets beyond Europe, and joining the high-standards Trans-Pacific Partnership is an important part of that vision.
“Membership would help our farmers, makers and innovators sell to some of the biggest economies of the present and future, but without ceding control over our laws, borders or money. It is a glittering post-Brexit prize that I want us to seize.”
Speaking ahead of the visit, Mr Raab said: “The UK is committed to strengthening our friendship across the Indo-Pacific.
“We are demonstrating this through our commitment to join CPTPP, partner with ASEAN (the Association of Southeast Asian Nations) and invest more energy, time and effort in our bilateral relations in the region.”
While in Vietnam, the Foreign Secretary will deliver opening remarks at the 5th Asia-Europe Meeting (ASEM) on the UK’s ambitions for its Indo-Pacific tilt to an audience of representatives from more than 50 countries.
He will also meet Vietnamese leaders, including President Nguyen Xuan Phuc, Deputy Prime Minister Pham Binh Minh and Foreign Minister Bui Thanh Son to discuss the implementation of the UK-Vietnam Strategic Partnership Agreement, in addition to subjects such as global health security, climate change and combatting serious organised crime.
Mr Raab will then travel to Cambodia to meet Foreign Minister Prak Sokhonn to set the UK’s ambition to bid for ASEAN dialogue partnership status ahead of Cambodia taking up the chair of ASEAN.