Source:Â BusinessNZ
The UKâs addition to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) would reduce barriers and give exporters a much-needed boost in the wake of Covid-19, BusinessNZ Network Chief Executive Kirk Hope says.
âI expect to see significant gains in both economies if the UK is able to join. While there is still a lot to work through, the news will be welcomed by exporters in the face of significant economic uncertainty. It will achieve greater cross-border investment, improving productivity and innovation and potentially creating new jobs.
âThe UK is a major export market for New Zealand. It is our fifth-largest trading partner, fourth biggest agri-food export destination and fifth-biggest source of investment.â
After its exit from the EU, the United Kingdom is seeking to be part of the Pacific free trade area. A formal request will be made early next week, the government said.
The UK is to seek membership of a trade agreement between 11 countries located around the Pacific Rim including major agri-food exporters New Zealand and Australia.
The UK’s international trade secretary Liz Truss will speak to ministers in Japan and New Zealand on Monday to request to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
It is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Agriculture
Joining the bloc would see tariffs cut between the countries, increasing market access. While tariffs have been cut among the existing members, some countries have retained protections for sensitive domestic markets such as rice farming in Japan and the dairy industry in Canada.
UK to join Asia-Pacific free trade pact CPTPP
UK s Prime Minister Boris Johnson said one year after the country s departure from EU, UK is forging new partnerships that will bring enormous economic benefits for the people of Britain
PTI | January 31, 2021 | Updated 09:53 IST
The UK government has announced that it is applying to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), one of the world s largest free-trade areas made up of 11 developed and emerging economies in the Pacific, under its post-Brexit plans.
Joining the CPTPP reflects the UK s post-Brexit Pacific tilt and is dubbed as a critical part of the Prime Minister Boris Johnson led government s wider trade strategy, which aims to deepen links with faster-growing parts of the world and partnering with countries who believe in free and fair trade, including India.
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