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ALCERA 1200 Universal Milling Machine
Reference: 	FR111
Model	1200
Travels (mm)	X1200 Y400 Z530
Table size (mm)	1900 x 350
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Reference: FR111 Model 1200 Travels (mm) X1200 Y400 Z530 Table size (mm) 1900 x 350 Spindle att...

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UK applies to join Pacific free trade area CPTPP

Posted on 01 Feb 2021 and read 360 times
UK applies to join Pacific free trade area CPTPPThe UK is formally applying to join one of the world’s largest free-trade areas, boosting trade ties with some of the fastest-growing markets in the world

International Trade Secretary Liz Truss will speak to ministers in Japan and New Zealand today to request to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), with formal negotiations set to start this year.

The announcement comes as the UK reaches the one-year milestone since formally leaving the European Union (EU) and the Government says that joining the CPTPP would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.

Joining the £9 trillion partnership will cut tariffs for UK industries including food and drink, and cars, while also creating new opportunities for modern industries like tech and services, ultimately supporting and creating high-value jobs around the UK. Unlike EU membership, joining does not require the UK to cede control over laws, borders, or money.

UK trade with the group was worth £111 billion last year, growing by 8% a year since 2016.

The UK Prime Minister Boris Johnson said: “One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain.

“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade.”

International Trade Secretary Liz Truss said: “Joining CPTPP will create enormous opportunities for UK businesses that simply weren’t there as part of the EU and deepen our ties with some of the fastest-growing markets in the world.

“It will mean lower tariffs for car manufacturers and whisky producers, and better access for our brilliant services providers, delivering quality jobs and greater prosperity for people here at home. We are at the front of the queue and look forward to starting formal negotiations in the coming months.”

The UK will publish its negotiation objectives, scoping analysis, and consultation response in advance of negotiations expected to start in the spring.

CPTPP membership is a key part of the Government’s plan to position the UK at the centre of a network of modern free trade deals that support jobs and drive economic growth at home.

Julian David, CEO of techUK, said: “Today marks an important step in the UK’s path to developing a modern trade policy that creates new opportunities for the UK tech sector. Building on our recent agreements with Japan and the EU, the accession to the CPTPP will allow us to join a group of ambitious countries breaking new ground in digital trade.

“The UK has been a major beneficiary of the rise of digital trade with over 67% of service exports worth £190.3 billion being digitally delivered. CPTPP will open up new markets for innovative tech SMEs looking to grow and expand beyond our borders. We are looking forward to working with the Government throughout the process.”

Mike Cherry, Federation of Small Businesses (FSB) chair, said: “Membership of the CPTPP would be a hugely welcome development to all small businesses looking to either expand or begin their trading journeys.

“Crucially, at the very heart of this agreement is an SME chapter, something that we have lobbied for the inclusion of in every FTA, ensuring that no business is left behind. This is truly a world-leading agreement and one that will genuinely help small firms to thrive and succeed more than ever.”

CBI President, Lord Karan Bilimoria, said: “This ambition marks a new chapter for our independent trade policy. As one of the largest free trade agreements in the world, these 11 countries contribute over £100 billion to our economy.

“Membership of the bloc has the potential to deliver new opportunities for UK business across different sectors. The CBI will continue to work with the Government to ensure that firms get the most out of an agreement that will create jobs and deliver wide-ranging benefits to communities around the country.”