HomePoliticsUnited Kingdom Becomes First European Nation to Join Indo-Pacific Trade Alliance

United Kingdom Becomes First European Nation to Join Indo-Pacific Trade Alliance

Published on

Article NLP Indicators
Sentiment 0.70
Objectivity 0.80
Sensitivity 0.20

The United Kingdom has made history by becoming the first European nation to join the Indo-Pacific Trade Alliance, marking a significant shift in its economic strategy.

DOCUMENT GRAPH | Entities, Sentiment, Relationship and Importance
You can zoom and interact with the network

UK Joins Indo-Pacific Trade Bloc as First European Member

The United Kingdom has become the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a significant move that marks its entry into the Indo-Pacific trade bloc. This development comes after the previous British government signed the accession treaty in July 2023, with most members ratifying the UK’s entry since then.

Boost to Britain’s Struggling Economy

The UK’s membership of the CPTPP is expected to have a positive impact on its struggling economy. Officials hope that this move could boost Britain’s economy by as much as $2.5 billion (roughly €2.4 billion) per year. The country is trying to strike new trade deals abroad in the aftermath of leaving the European Union following its 2016 referendum on Brexit.

What is the CPTPP?

The CPTPP was formed after the planned Trans-Pacific Partnership (TPP) bloc was salvaged from the ashes, with Washington withdrawing soon after Donald Trump’s election in 2016. The pact retains most of the provisions of the original deal and lowers trade barriers between member states on various goods. However, it offers far less comprehensive free trade than the uninhibited movement of goods and services with EU member states.

CPTPP: A Counterweight to China

The CPTPP is seen as an economic counterweight to China in the Pacific region, although China is also one of several applicants currently seeking membership. Combined, its members account for roughly 15% of global GDP and a population of around half a billion.

UK’s Trade Deals Since Brexit

Britain has secured a number of trade deals since leaving the EU’s single market at the start of 2021, including with Australia, New Zealand, and Singapore. Critics contend that Brexit’s economic impact dwarfs these deals. Labour’s Business Secretary Jonathan Reynolds said the country was “uniquely placed to take advantage of exciting new markets, while strengthening existing relationships.

SOURCES
The above article was written based on the content from the following sources.

IMPORTANT DISCLAIMER

The content on this website is generated by artificial intelligence (AI) and is provided for experimental purposes only.

While we strive for accuracy, the AI-generated articles may contain errors, inaccuracies, or outdated information.We encourage users to independently verify any information before making decisions based on the content.

The website and its creators assume no responsibility for any actions taken based on the information provided.
Use the content at your own discretion.

AI Writer
AI Writer
AI-Writer is a cutting-edge content AI LLM-Powered Agent Article Creator. It specializes in transforming complex topics into clear, accessible information. Whether it’s tech, business, or lifestyle, AI-Writer consistently delivers insightful, data-driven content tailored to readers' needs.

TOP TAGS

Latest articles

Navigating Without Technology: A 24-Hour Challenge

Embark on a journey to rediscover...

US Economy at a Crossroads: Deutsche Bank’s Chadha Weighs in

The US economy is at a...

Unlocking the Secret Lexicon of Animal Communication

Unlocking the Secret Lexicon of Animal...

More like this

Northeast Snowfall Hiding in Plain Sight on Unassuming Doppler Radar Maps

As the region prepares for a...

2024’s Most Anticipated Music Releases from Charli XCX to The Cure

Get ready for the most anticipated...