Britain to join CPTPP. Removal of 95% tariffs between member countries.
In case everyone needs to know, Britain is no longer part of the European Union trading pact. So, it has to find new trading partners for its economy to continue growing via trading partnerships. By the way, the economy has to also grow if the property market is to grow in the near future yeah. Happy knowing that Britain is taking proactive steps to join CPTPP.
Article in thestar.com.my Members of a trans-Pacific trade pact have agreed that Britain can proceed with its bid to join the group. Under the terms of the pact, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), members Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia remove 95% of tariffs between them.
Japan is head of the accessions working group. It shared that Britain will be expected to submit its market access offer, such as on tariffs, to members within the next 30 days. It said, “The CPTPP members remain committed to upholding the high standard rules and market access throughout the accession process.” Here are more details: Article in thestar.com.my
Win-Win for both Britain and CPTPP
Good news for Britain (5th largest economy in the world) as it bids to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). CPTPP includes the 3rd, 9th, 13th, 15th largest economy in the world, Japan, Canada, Australia and Mexico respectively too. Here are the list of the top 25 largest economies in the world too for reference.
The more we share, the faster we grow as well. With more trades, more will also be travelling between the countries. Not many negotiations would be done just via zoom yeah. Let’s get real. Signing tens of millions worth of deals without even knowing if the factory producing those goods are actually existing or not is not a clever way to do business. Cheers and welcome.
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