Brexit Britain ratifies deal to join major Indo-Pacific trade bloc two months early

The Government's announcement paves the way to £12 TRILLION market

Montage © Facts4EU.Org 2024

Meanwhile the EU trails, with no real prospect of this deal or of its other big hope

The UK has, two months earlier than expected, completed its key step required for joining CPTPP, Minister for Trade Policy Greg Hands told fellow members of the group during a meeting in Arequipa, Peru.

Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – which will account for 15% of global GDP with the UK included – means over 99% of current UK goods exports to CPTPP members will be eligible for tariff-free trade. It also covers the liberalisation of services – a key element in the UK’s economy.

Encompassing 515 million consumers in some of the world’s largest current and future economies, the potential for increased trade is huge.

Brexit Facts4EU.Org Summary

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - what does it mean?

United Kingdom is first non-founder member to be allowed to join
No free movement, no CPTPP laws imposed on the UK, no political union
And the deal encompasses services
Unlike the EU this is a trading bloc
99% of UK goods exports to CPTPP to be eligible for zero tariffs
UK businesses given unparalleled access to market of over 515 million people
None of this would have been possible without Brexit

Truly massive trade deal now ratified by the UK

Business and Trade Secretary Kemi Badenoch signed the deal last July to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a modern, ambitious trade pact spanning 12 economies across Asia, the Pacific, and now Europe.

Minister for Trade Policy Greg Hands said:

“The UK has been racing to get our ratification done because we know how much CPTPP will benefit British businesses, whether through access to new markets or cutting red tape on existing exports.
”I’m delighted we were able to bring this forward, ahead of our original July forecast, so we can get the countdown to Entry into Force going as soon as possible.”
- The Rt Hon Greg Hands MP, 17 May 2024

The EU languishes behind

As usual with the EU’s trade deals, its negotiations with the CPTPP have gone nowhere fast.

This echoes its much vaunted trade deal with the Mercosur bloc of South American countries which are now stalled. The EU Commission had hoped to announce this deal before the EU elections from 07-09 June, but this possibility was effectively nulled by the Mercosur member countries last December as we reported at the time. The EU has since been unable to get things going again.

British business is delighted with the CPTPP deal

Marco Forgione, Director General of the Institute of Export & International Trade said:

“The ratification of CPTPP marks an important stage in the UK’s trading future. British businesses now have tariff free access to some of fastest growing markets in the world to sell our goods and our world leading services. This is an opportunity which can help reshape the UK economy.
“At a time when global trade has been weaponised, this partnership can help the UK establish resilient and robust supply chains across Southeast Asia, Central and South America. In a world of growing geo-political uncertainty, the expanding trading community of CPTPP nations offers an important counterpoint.
“Now CPTPP is ratified the real work begins to make sure businesses understand how to take advantage of the immense opportunities for UK services and goods in CPTPP nations. There is a great opportunity for UK businesses to grow.”

Observations

Greg Hands' hypocrisy

Mr Hands campaigned for Remain in the 2016 Brexit referendum. In the Referendum campaign he led the Chelsea and Fulham 'Britain Stronger in Europe' group. Mr Hands repeatedly warned of the consequences if the electorate voted to Leave, saying that the country would face "profound consequences" including "fewer jobs, higher prices in our shops and less money for our public services like the NHS." He also described the EU's Single Market as being the "most complete commitment to free trade that exists."

Given his statement in our report above, we await Mr Hands' fulsome apology for so egregiously misleading his electorate and the British people. If we had stayed in the EU as he wished and campaigned for so vigorously, the CPTPP trade deal would never have been possible. An honourable man would never have taken the trade job given his clear views.

Needless to say we did try to find news of this important development for Brexit Britain about the CPTPP on the BBC’s website, to no avail.

We hope readers are pleased to learn of this development. If so, please help us continue by making a donation to our work.

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[ Sources: Department for Business and Trade | EU Commission ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 21 May 2024

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Reader Comments 14

1. Ashley Great Britain , Tuesday, May 21, 2024, 06:33:

Great news!
-
This is exactly the type of thing we have been waiting for since 2016.
That's real trade and not the Eu's false club. The EEC will have nothing on CPTPP which will only grow over time.
Rejoining the EU is now a distant hope for some.
People like Greg Hands shouldn't be involved if their hearts not in it. If only our government and institutions were rammed full of Brexit supporters.

2. Spraky , Tuesday, May 21, 2024, 07:06:

Behave, yes its good that there is a new ratified deal but.
The OBR has forecast the benefit of CPTPP at 0.8% of GDP whilst leaving the EU at a cost of 4.0%.
The UK already has trade agreements with most of the countries as does the EU.
Joining CPTPP is a compromise for not achieving a USA agreement, the USA pulled out of CPTPP in 2017.
.
Meanwhile the NOA has forecast the cost of managing borders after Brexit to be £4.7billion. Brexit still delivering at it will soon be delivering a Labour Govt.

3. Sparky , Tuesday, May 21, 2024, 08:47:

More on CPTPP from the Institute of Directors.
"accession to CPTPP could lead to an increase of £1.8 billion in UK GDP long term"
"UK companies still rely on the long established links they have with EU markets, which are directly on our doorstep and with whom they have closer historical ties. The Indo-Pacific strategy will open up important opportunities for UK businesses, but the government must not forfeit the significance of our relationship with the EU in order to do so"

4. KB , Tuesday, May 21, 2024, 09:59:

There are six CPTPP member states that have yet to ratify the UK joining up.
Until then I don't think it is up and running, so Forgione is running ahead of the game with his statement.
As I understand it anyhow. Does it take only one of those states to say "no" to the UK joining ?

5. KB , Tuesday, May 21, 2024, 10:06:

It's good that the Tories have got this through before Labour take over. If it had been left until after the election I suspect it wouldn't have happened.
So, what about the incoming government, the one that will be in power when CPTPP needs implementing ?
I get the feeling they will not be exactly enthusiastic about it.
It will be presented as a barrier to our renegotiated closer relationship with the EU (and of course to our future re-joining, although they won't say that in public).
The Tories need to keep up the work and encourage the remaining CPTPP states to ratify before Labour gets in.

6. NH , Tuesday, May 21, 2024, 10:10:

2. Sparky, "The OBR has forecast"
As usual you quote a remainer organisations forecast. Where's your FACTS !
.
2. "The UK already has trade agreements with most of the countries as does the EU."
The EU had a very restricted trade agreement with the CPTPP which did not suit the UK economy. Our new agreement is very different.
.
2. Sparky, "Meanwhile the NOA has forecast the cost of managing borders after Brexit to be £4.7billion"
.
This is not an official government figure it comes from civil servants secret statements.
.
This cost includes replacing ageing border systems with new systems so much of the cost would have been necessary if we had remained in the EU.
.
A very large part of the cost is for new infrastructure to ensure food imports meet our high standards. Do you want EU Swine Fever in the UK ?
.
The UK Government state that this is a global systems which will produce more efficient trading and will save businesses £520 million per year.
.
The £4.7 Billion estimate is for the lifetime of the systems. They have not specified how long the systems will last but I would expect 25+ years so even if this figure is correct the actual cost would be less than £188 million per year. EU membership over the same period would probably be £1000 Billion.
.
3. Sparky, "More on CPTPP from the Institute of Directors."
In 2021 the "Institute of Directors" claimed that 20% of UK businesses had stoped trading with the EU because of Brexit. So how come our trade with the EU has increased significantly since then ?

7. Have You Wondered , Tuesday, May 21, 2024, 10:44:

.
I was about to apolgise for going 'off topic' but in fact I'm not. What follows incensed me - and you probably.....
.
Todays topic is economics and comparisons with the EU. However - does the UK wish to trade with this bunch of heartless, lying, hypocritical crooks behind all their facade of democracy and being for the people....?
.
Read it and contemplate all the implications. ECHR maybe even the ICC?
.
Facts 4EU can delete the webpage reference if they like - do your own searches.
.
https://www.brusselstimes.c...
.
"The EU supports, finances and is involved in clandestine operations in North African countries to dump tens of thousands of Black people in the desert or remote areas each year ....".
.
"According to Lighthouse, the team established that the EU is well aware of the dump operations and sometimes directly involved. Two senior EU sources said it was “impossible” to fully account for the way in which European funding was used. "
.
"The internal documents obtained by Lighthouse show that EU officials had held internal discussions on some of the abusive practices since at least 2019. "
.
"“What they’re doing to us is still the system of slavery,” said Moussa, a Cameroonian migrant rounded up on the streets of Sfax, Tunisia, and dumped in the Libyan desert by a Nissan truck identical to those provided by Germany and Italy. “They have no respect for human beings, no respect for the African man.”
.
Not a good day for humanity.
.

8. Sparky , Tuesday, May 21, 2024, 11:28:

In the Independent.
.
David Cameron answering concerns that a draft arrangement over Gibraltar would leave UK citizens at the mercy of EU Frontex border guards and give them the power to turn away people from the territory. (So its not just N Ireland that Brexit has cut adrift)
.
Jim Radcliffe (the guy who supported Brexit and then opened the INEOS factory to build the Landrover Defender copy in France) has joined criticism and has slammed the Conservative Government for the way post-Brexit policies were handled, saying it didn’t turn out as people anticipated.

9. terence patrick hewett , Tuesday, May 21, 2024, 12:25:

The CPTPP is expanding its share of world trade: the EU is shrinking its share, like a willie on a cold day.

10. NH , Tuesday, May 21, 2024, 13:26:

8. Sparky, "Jim Radcliffe has slammed the Conservative Government for the way post-Brexit policies were handled"
Is this new to you ?
Brexit supporters have been criticising how Brexit has been delivered for years. He seems to be angry about the Conservatives handling of immigration.
.
8. Sparky, "guy who supported Brexit and then opened the INEOS factory to build the Landrover Defender copy in France"
He got a very good deal because Mercedes Benz has been closing manufacturing plants in Europe to invest in China manufacturing and R&D. Fifty percent of all EV's sold in Europe by "European manufacturers" have actually been manufactured in China and imported into Europe. It seems that the EU is very good for Chinese manufacturing and design.

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