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
A vehicle exploded in Washington, DC, the United States.
The Israeli occupation forces are carrying out extensive air raids on eastern and northeastern Gaza.
Israeli media: One Israeli soldier killed in a "security incident" in Khan Younis, south of the Gaza Strip
Israeli media: Intense exchange of fire in Khan Younis
Israeli media platform reports on a tough incident in Gaza still under media censorship
Iran's judiciary says 71 killed in Israeli strike on Evin Prison
Trump: Make the deal, get the hostages back
Al Mayadeen's correspondent: 67 Palestinians were martyred in 24 hours in the Israeli aggression on the Gaza Strip
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington

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

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
The site of a direct missile strike launched from Iran in Tel Aviv on Sunday, June 22, 2025. (AP)

Op. True Promise 3, wave 21: Multi-warhead missiles rain on 'Israel'

  • Politics
  • 23 Jun 2025
Iran says targeted US Qatar air base under Op. Annunciation of Victory

Iran says targeted US Qatar air base under Op. Annunciation of Victory

  • MENA
  • 23 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli media: Iran struck sensitive bases; only a fraction revealed
Politics

Only a fraction of Iranian missiles impact revealed: Israeli media

Pro-Palestinian protest in Sydney ends in crackdown, serious injury
Politics

Pro-Palestine Sydney protest ends in violent crackdown, serious injury

Israeli soldiers
Palestine

IOF soldiers blame army for negligence after deadly Khan Younis ambush

Corsican Assembly recognizes Palestine, condemns Israeli genocide
Politics

Corsican Assembly recognizes Palestine, condemns Israeli genocide

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