UK Business Secretary Highlights the Importance of Utilising New Asia-Pacific Trade Deal
The Business Secretary of the UK, Kemi Badenoch, has emphasised the need for the UK to actively use the newly signed trade deal with 11 Asia and Pacific nations in order to fully benefit from it. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) covers a trade area with approximately 500 million people. While the agreement is expected to bring only marginal gains to the UK economy, Badenoch believes that the key lies in how businesses "utilise the agreement." The CPTPP and Its Benefits Established in 2018, the CPTPP includes countries such as Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Membership in the CPTPP reduces trade restrictions among member nations and lowers tariffs on goods. By joining the group, the UK hopes to boost its exports by reducing tariffs on products such as dairy and meat, cars, gin, and whisky. With the 11 member countries accounting for approximately 13% of global...