Britain signs its accession to the Trans-Pacific Trade Partnership

London signed Sunday in New Zealand its accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement, its most important trade agreement since Brexit, but economists played it down.

Thus, the United Kingdom will be the first European country to join the partnership agreement, which includes 12 countries with a gross domestic product of 12 thousand billion pounds sterling, according to a statement issued by the British Ministry of Trade.

500 million people live in the member states, and with the accession of the United Kingdom, it represents 15 percent of the world's gross domestic product.

After the accession is signed, it will have to be ratified by the British government, including a parliamentary stage, while other member states complete the final legal steps, according to the statement.

Before the signing, British Trade Minister Kemi Badenoch referred to "additional exchanges worth billions of pounds," according to the statement.

When announcing the conclusion of the agreement at the end of March to join the Trans-Pacific Partnership, London estimated that the partnership's contribution to the British economy would reach 1.8 billion pounds sterling.

In a document published in June 2021, the government indicated that its impact on GDP would be 0.08 percent.

Since its effective exit from the European Union and the European Single Market on January 1, 2021, the United Kingdom has sought comprehensive trade agreements to strengthen its international trade.

Notably, London has trade treaties with the European Union and other European countries, and countries as far afield as Australia, New Zealand, and Singapore. Talks are under way with India and Canada.

On the other hand, the long-awaited agreement with the United States is still stalling.

The Comprehensive and Progressive Trans-Pacific Partnership Agreement, notably signed by New Zealand, Australia, Canada and Japan, is the most important free trade agreement in the region.

China applied to join in 2021, but many countries view this application with suspicion.

It should be noted that former US President Donald Trump withdrew his country from this agreement in early 2017, even before it entered into force.

 

AFP