Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

UK joins Indo-Pacific trade bloc amid faltering post-Brexit economy

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jul 2023 09:51
3 Min Read

London's accession to the Progressive Agreement for Trans-Pacific Partnership (CPTPP) will allow its businesses to gain trade advantages in a 500 million-consumer collective market.

  • x
  • UK joints
    A pro-European Union protester holds UK and European flags in front of Victoria Tower at the Palace of Westminster in central London on September 13, 2017 (AFP)

The United Kingdom finalized its accession into a major Indo-Pacific trade bloc as the former EU member looks to expand its business relations beyond its European borders.

A protocol for the Progressive Agreement for Trans-Pacific Partnership (CPTPP) was inked by British Business and Trade Secretary Kemi Badenoch in New Zealand, making Britain the bloc's newest member and the first European nation to join it since its inception in 2018.

Read more: UK economy continues tumbling, borrowing rate hits 2008-high

The CPTPP comprises G7 countries Canada and Japan, in addition to Australia and New Zealand. Other nations part of the international economic body include Brunei, Chile, Malaysia, Mexico, Peru, Singapore, and Vietnam. 

While Beijing has submitted an application to join, the coalition shrugged off Beijing's desire as it unofficially sees the Asian giant as its main adversary.

Australian trade assistant minister welcomed the UK becoming the group's 12th member, describing the trans-pacific partnership as “the pre-eminent trade agreement in the world."

“It’s good to have another major economy that’s got a strong track record of complying with WTO rules and is going to measure up to the CPTPP standards,” Tim Ayres said.

Read more: UK CPTPP membership to result in more deforestation

Related News

UK, EU reset post-Brexit relations with defense and trade pact

In defiance of Trump, UK, EU to sign ‘free and open trade’ declaration

On the other hand, Ayres signaled that China's inquiry is currently not being considered.

London has been pushing a "Global Britain" strategy since formally severing nearly 50 years of ties with its nearest neighbors in the European Union three years ago. 

The deal was concluded after two years of talks as the UK pushes for its "Global Britain" strategy.

As per the agreement that will go into effect later this year, tariffs for UK exports to CPTPP countries will be significantly slashed

Badenoch described the deal as "a big boost for British businesses," which will not have eased access to global markets with over 500 million consumers.

Read more: UK invites MBS despite Saudi Arabia's poor record in human rights: FT

"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 businesses already support up and down the country," she said.

The CPTPP bloc will now have a combined worth of over $15 trillion, or 15 percent of world GDP. But this fact did not leave the UK's accession without local criticism by anti-Brexit parties.

They considered that this agreement will not compensate for the benefits London enjoyed when it was part of the EU, which is the world's largest trade bloc and collective economy.

Britain's Office for Budget Responsibility forecasted in April that the Brexit deal will cut long-term productivity by 4 percent compared to when the UK was a member of the 27 bloc union.

  • Brexit
  • CPTPP
  • EU
  • New Zealand
  • UK
  • European Union

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS