RE: Re: ARB17 Feb 2021 15:04
UK applies to join huge Pacific free trade area CPTPP
The UK is formally applying to join one of the world’s largest free-trade areas, deepening trade ties with some of the fastest-growing markets in the world.
UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016. Benefits that CPTPP membership will bring for businesses include:
Modern digital trade rules that allow data to flow freely between members, remove unnecessary barriers for businesses, and protect commercial source code and encryption.
Eliminating tariffs quicker on UK exports including whisky (down from 165% to 0% in Malaysia) and cars (reducing to 0% in Canada by 2022, two years earlier than through the UK-Canada trade deal).
Rules of Origin that allow content from any country within CPTPP to count as ‘originating’. For example, this would mean that cars made in the UK could use more Japanese-originating car parts, such as batteries.
Easier travel for businesspeople between CPTPP countries, such as the potential for faster and cheaper visas.
Put it all together people and what do you get?