Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
Driving commercial and political engagement between Asia, the Middle East and Europe
The Comprehensive and Progressive Agreement for Trans-Pacific Pacific Partnership (CPTPP) will be a “force for good” in the world economy, according to the UK’s Secretary of State for International Trade, Dr Liam Fox.
The CPTPP, which came into force today (30 December 2018), will “help to promote free trade against a backdrop of heightened tensions in the global trade system,” the Secretary said in a statement published by the Department for International Trade this morning.
“Joining CPTPP would cement our strong economic ties with old friends, like Canada and Japan, as well as establishing new links with some of the world’s fastest growing economies,” Dr Fox said.
“We know from our recent public consultation that UK businesses want to join CPTPP as it would help them to expand into new markets and capitalise on the growing demand for quality British goods and services.
“This agreement will also help to promote free trade against a backdrop of heightened tensions in the global trade system. It is in all of our interests to ensure an open and rules-based trading system wins out and that a trade war in the Pacific does not hit British households in the pocket.”
The UK has made no secret of its interest in joining the CPTPP following its expected exit from the European Union in March 2019. Dr Fox launched a consultation on the prospect of a post-Brexit entry to the CPTPP in July, while Natalie Black, HM Trade Commissioner for Asia Pacific, raised the issue with Singapore’s Trade Minister Chan Chun Sing during Asia House’s trade dialogue in November.
