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☆ UK's trade commissioner for APAC on the country's accession to CPTPP
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK businesses have increased interest in APAC as growth is here: UK's trade commissioner for APACMartin Kent, UK's trade commissioner for Asia Pacific talks about the economic benefit of the country's accession into the CPTPP trade deal.

Persons: APAC Martin Kent Organizations: APAC, Asia Pacific

☆ Analysis-Indo-Pacific Trade Deal Prospects Dim as 2024 US Election Year Politics Loom
▼ + stars: | 2023-11-17 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +4 min

By David LawderSAN FRANCISCO (Reuters) - The Biden administration has vowed to continue negotiating an ambitious Asia trade deal, but election-year pressures and resistance to tough commitments from some countries make a deal unlikely, trade experts and business groups say. Deputy U.S. Trade Representative Sarah Bianchi told Reuters that IPEF partners will "recalibrate" the trade talks in 2024. But it gets harder from here, said Wendy Cutler, the former chief USTR negotiator on the Trans-Pacific Partnership trade deal with many of the same countries. "Until they do that, the trade pillar will be a tough nut to crack." The Biden administration launched negotiations in September 2022, leaving an impossibly tight deadline ahead of the APEC summit, according to some trade experts.

Persons: David Lawder, Biden, Sarah Bianchi, Wendy Cutler, TPP, Donald Trump's, Cutler, They're, Sherrod Brown, Jake Colvin, Colvin, Lori Wallach, Xi Jinping, Don Durfee, Josie Kao Organizations: FRANCISCO, Reuters, Economic, Economic Cooperation, U.S . Trade, Pacific Partnership, Asia Society Policy Center, APEC, Democratic, National Foreign Trade Council, Trans, Pacific Locations: Asia, Vietnam, Indonesia, Donald Trump's U.S, San Francisco, China

☆ Trans-Pacific trade deal members meet at APEC summit, say open to new members
▼ + stars: | 2023-11-16 | by ( David Lawder | ) www.reuters.com time to read: +2 min

A sign advertising the upcoming APEC (Asia-Pacific Economic Cooperation) Summit in see as the city prepares to host leaders from the Asia-Pacific region in San Francisco, California November 8, 2023. The lack of an IPEF trade deal is a setback for the Biden administration. The CPTPP is the successor to the Trans-Pacific Partnership free trade deal, from which former President Donald Trump withdrew as soon as he took office in 2017. The CPTPP meeting on the sidelines of the APEC leaders' summit was the first ministerial to include new member Britain, which signed up to the trade bloc in July. The current CPTPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom, and Vietnam.

Persons: Carlos Barria, Biden, Donald Trump, CPTPP, David Lawder, Lincoln Organizations: APEC, Economic Cooperation, REUTERS, FRANCISCO, Trans, Pacific, U.S, Economic, Pacific Partnership, Britain, Thomson Locations: Asia, Pacific, San Francisco , California, States, San Francisco, Taiwan, Costa Rica, Ecuador, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United Kingdom, Vietnam

"We will continue working to better facilitate high-standard trade that advances workers' rights through strong enforcement of labor standards." Biden was also to take part on Thursday in an event for the Indo-Pacific Economic Framework (IPEF), a 14-nation group his administration established. Hopes for an IPEF trade deal were dashed this week. Asked how long an IPEF trade agreement could take to conclude, an administration official said most negotiations take years but the White House intended to work on an "accelerated timeline." "A stable relationship between the world's two largest economies is not merely good for those two economies but for the world," Biden said to applause.

Persons: Joe Biden, Biden, White, Donald Trump, Republican Trump, Fumio Kishida, Xi Jinping, Justin Trudeau, Anthony Albanese, Dina Boluarte, Srettha Thavisin, Hassanal, Gina Raimondo, Xi, Trevor Hunnicutt, David Brunnstrom, Nandita Bose, Katharine Jackson, Andrea Shalal, Heather Timmons, Josie Kao, Cynthia Osterman Organizations: FRANCISCO, Asia, Economic Cooperation, Economic, Democrat, Republican, APEC, IMF, Amazon.com, Delta Air Lines, PepsiCo, Apple, Boeing, Japan's, Canada's, Australia's, Brunei's, Monetary Fund, . Commerce, Trans, Pacific, Trump, U.S, Thomson Locations: Pacific, San Francisco, Asia, ASIA, U.S, Thailand, China, United States

☆ The laws British PM Sunak wants to pass before the next election
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

The King's Speech - given by the monarch but written by government ministers - opens the new session of parliament. This is likely to be the last one before the election, which must be held by January 2025, and many policies were aimed at appealing to voters. CIGARETTES AND VAPESThe Tobacco and Vapes Bill will deliver on Sunak's promise made last month to phase out all tobacco sales in England. SOCCER REGULATORThe government plans to set up an independent football regulator, who will be responsible for scrutinising club owners and their financial resources. The new legislation will require owners to ensure fans are consulted on changes to club's badges, names and shirt colours.

Persons: Rishi Sunak, Keir Starmer, Hannah McKay, King Charles, Bill, Andrew MacAskill, Alistair Smout, Elizabeth Piper, Alex Richardson, Barbara Lewis Organizations: British, Labour Party, REUTERS, Conservatives, Petroleum, Markets, Competition, Consumers, SOCCER, Super League, Trans, Pacific, Thomson Locations: London, Britain, England, North, Freehold, Wales, Pacific, Australia, Japan

☆ China pledges to expand market access at annual trade fair amid foreign criticism
▼ + stars: | 2023-11-05 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

SHANGHAI, China (Reuters) -China will further expand market access and increase imports, its premier told a trade fair in Shanghai on Sunday, amid criticism from European firms who said they wanted to see more tangible improvement in the country’s business environment. China will promote coordinated development of trade in goods and services, protect an international business environment, and relax market access including lifting restrictions on foreign investment in manufacturing, he said. The import expo was launched by President Xi Jinping in 2018 to promote China’s free trade credentials and counter criticism of its trade surplus with many countries. China’s imports have slumped this year amid a slowdown in the world’s second largest economy, although data released last month indicated that the downtrend could be starting to ease. China will “actively promote” its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), Li also said in his speech on Sunday.

Persons: Li Qiang, Tingshu Wang, ” Li, Xi Jinping, Li, Anthony Albanese, “ Organizations: Hangzhou Olympic Sports Centre, China, European Chamber of Commerce, Micron Technology, Nestle, Burberry, Australian, Pacific Locations: SHANGHAI, China, Shanghai, Hangzhou, Afghan, Australia, United States, Taiwan, Ukraine, Costa Rica, Uruguay, Ecuador, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, Britain

TAIPEI, Taiwan (AP) — Chinese Premier Li Qiang on Sunday pledged to continue deepening reforms, expand free trade zones and relax market access for foreign investment while seeking to generate excitement around a largely lackluster economy. China's economy expanded at a 4.9% annual pace between July-September, beating analysts’ forecasts of about 4.5%, official data show. The expo being held through Friday is an annual event launched by President Xi Jinping in 2018 with the theme of promoting China’s image as being in favor of free trade. This year’s expo brought Australian Prime Minister Anthony Albanese, currently paying an official visit to China which is largely focused on restoring trade links blocked for years due to economic and political tensions. Despite that, Li said China would continue to “actively pursue the accession to the CPTPP and the Digital Economy Partnership Agreement and negotiate for the conclusion of more high standard free trade agreements.”

Persons: Li Qiang, Li, Xi Jinping, ” Li, Anthony Albanese, Albanese, ” Albanese, Yang Hengjun, “ Organizations: 6th China, Sunday, Trans, Pacific Partnership, Digital Locations: TAIPEI, Taiwan, Shanghai, China, Beijing, Australia, Australian

☆ Australia-China: After seven years of strain, leader Albanese heads to Beijing
▼ + stars: | 2023-11-04 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Stakes are high for the four-day visit, which begins on Saturday and will see Albanese meet with Chinese leader Xi Jinping and Premier Li Qiang and make stops in Beijing and Shanghai. Albanese’s trip also carries symbolic overtones, marking 50 years since the first official visit by an Australian leader to Communist China after the two countries established ties. James Bugg/Bloomberg/Getty ImagesUS relations loomAlbanese is heading to Beijing less than two weeks after he met with US President Joe Biden in Washington. As he aims to repair ties with China, Albanese will need to walk a line between these interests and China’s suspicions about the aims of these blocs, analysts say. “Beijing came to learn that the weaponization of trade did not force a close US ally to back down,” said Collinson.

Persons: Hong Kong CNN —, Anthony Albanese, Albanese, Xi Jinping, Li Qiang, Scott Morrison’s, Jingdong Yuan, ”, Cheng Lei, Yang Hengjun, Yang, ” Albanese, Elena Collinson, teeters, ” Collinson, James Bugg, Joe Biden, “ Albanese, Yuan, Xi, Biden, Collinson, “ Organizations: Hong Kong CNN, China’s Foreign Ministry, University of Sydney, Reuters, Huawei, Albanese’s Labor, Canberra, Albanese’s, University of Technology Sydney’s, China Relations Institute, Trans, Pacific, Bloomberg, Getty, Albanese, China, China - Asia Security, Stockholm International Peace Research Institute, Economic Cooperation, Australia Locations: Hong Kong, China, Beijing, Shanghai, Australia, Washington, Seoul, Communist China, Asia, Pacific, Darwin, Pacific Islands, South, University of Technology Sydney’s Australia, Europe, Yarra, Victoria, South China, United Kingdom, Japan, India, Sydney, Stockholm, San Fransisco

☆ Australia 'hopeful' on China wine breakthrough as deadline nears
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Bottles of Australian wine are seen at a store selling imported wine in Beijing, China November 27, 2020. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSYDNEY, Oct 17 (Reuters) - Australian Prime Minister Anthony Albanese said on Tuesday he remained "very hopeful of a breakthrough" in a trade dispute with China over wine tariffs, as a deadline for the publication of a World Trade Organization ruling nears. "I'm very hopeful of a breakthrough that removes the impediments when it comes to wine," Albanese told reporters on Tuesday, noting Australia's wine industry had substantial exports to China before the tariffs were imposed in 2020. Officials are unable to publicly comment on a WTO report until it is published. Australia last month rejected China's proposal for a "packaged solution" that would tie the wine dispute to those about duties on Australian imports of Chinese steel.

Persons: Florence, Anthony Albanese, Albanese, Don Farrell, Farrell, Kirsty Needham, Gerry Doyle Organizations: REUTERS, Rights, Australian, World Trade Organization, WTO, Trade, Sky News, COVID, Trans, Pacific, Thomson Locations: Beijing, China, Australia

☆ Taiwan lobbies Australian lawmakers on supporting its bid for Pacific trade pact
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Sept 26 (Reuters) - Taiwan President Tsai Ing-wen on Tuesday called on Australia to support its bid to join a pan-Pacific free trade pact during a meeting with a group of visiting Australian lawmakers. The CPTPP is a landmark trade pact agreed upon in 2018 by 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. "We look forward to the continued strengthening of economic and trade cooperation between Taiwan and Australia," Tsai said in comments released by her office. "We also hope that the Australian government and parliament will support Taiwan's accession to the CPTPP to jointly promote economic growth and sustainable development of the Indo-Pacific region." "Protecting the free and open Indo-Pacific region is the common goal of Taiwan and Australia."

Persons: Tsai Ing, Tsai, Don Farrell, Ben Blanchard, Kirsty Needham, Gerry Doyle Organizations: Trans, Pacific, Taiwan, Australian Trade, Thomson Locations: TAIPEI, Taiwan, Australia, China, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, Britain, Taipei, Sydney

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

☆ Taiwan-US trade: Deal is key to countering diplomatic isolation, Taipei's top trade negotiator says
▼ + stars: | 2023-07-24 | by ( Eric Cheung | ) edition.cnn.com time to read: +5 min

Taipei CNN —The signing of a trade pact between Taiwan and the United States will play a key role in helping the island counter its diplomatic isolation from China, according to Taiwan’s top trade negotiator. Taipei has described the initiative as the most comprehensive trade agreement between the United States and Taiwan since Washington switched diplomatic recognition to Beijing in 1979. But Chinese pressure is not the only hurdle facing Taiwan’s trade negotiators like Deng, as trade deals could also become a politically sensitive issue on the island itself. In 2014, a controversial service trade agreement between Taipei and Beijing — which was passed by the then ruling Kuomintang — resulted in mass student protests, known as the Sunflower Movement. They opposed it because it would allow meat products containing ractopamine, an animal feed additive common in the United States.

Persons: John Deng, ”, ” John Deng, John Mees, Deng, Mao Ning, Kuomintang —, —, Will Ripley Organizations: Taipei CNN, CNN, Taiwan Affairs Office, Trans, Pacific, Sunflower Movement, Student Locations: Taipei, Taiwan, United States, China, Washington, Beijing, Britain, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam, Kuomintang

☆ Exclusive: Taiwan probes alleged leak of classified reports, diplomatic cables
▼ + stars: | 2023-07-21 | by ( Yimou Lee | ) www.reuters.com time to read: +3 min

TAIPEI, July 21 (Reuters) - Taiwan is investigating a potential leak of official documents including diplomatic cables and classified reports on the island's sensitive bid to join a global trade pact, according to two officials familiar with the probe. Taiwan and China both applied in 2021 to join the CPTPP, a landmark trade pact between 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Beijing has said it strongly opposes Taiwan's membership because Taiwan is part of China and therefore ineligible to join international bodies on its own. Taiwan is however a member of the World Trade Organization, designated as a separate customs territory called Taiwan, Penghu, Kinmen and Matsu. Taiwan strongly rejects Chinese sovereignty claims and says only Taiwanese people can decide their future.

Persons: Taiwan's, Tsai Ing, China's, Yimou Lee, John Geddie Organizations: Reuters, Trans, Pacific, Taiwan's, National Security Bureau, World Trade Organization, Thomson Locations: TAIPEI, Taiwan, China, Japan, Vietnam, Washington, United States, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Britain, Beijing, Matsu, Lincoln

☆ Britain signs deal to join £12 trillion Indo-Pacific trade bloc
▼ + stars: | 2023-07-16 | by ( Matt Clinch | ) www.cnbc.com time to read: +2 min

Secretary of State for International Trade and President of the Board of Trade, Minister for Women and Equalities Kemi Badenoch leaves 10 Downing Street. LONDON — Britain's Kemi Badenoch, the business and trade secretary, formally signed a treaty confirming accession to the vast Indo-Pacific CPTPP bloc, the country's largest post-Brexit trade deal to date. The U.K. would be the first European nation to join the bloc, which the government says would unlock trade to a region with a total GDP of £12 trillion ($15.7 trillion). Badenoch said Sunday that Britain was using its status as an independent trading nation to join an "exciting, growing, forward-looking trade bloc." One in every 100 workers in Britain was employed by a business headquartered in a CPTPP nation, according to the government citing 2019 data.

Persons: Badenoch, Kemi Organizations: State for International Trade, of Trade, Women, Equalities, CPTPP, Trans, Pacific Partnership Locations: Kemi Badenoch, New Zealand, Canada, Mexico, Japan, Australia, Vietnam, Singapore, Malaysia, Britain

☆ Britain signs treaty to join trans-Pacific trade pact
▼ + stars: | 2023-07-16 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

AUCKLAND, July 16 (Reuters) - Britain on Sunday formally signed the treaty to join a major trans-Pacific trade pact, becoming the first new country to take part since its inception in 2018 and opening the way for members to consider other applications including from China and Taiwan. The signing was part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) commission meeting being held in New Zealand. Britain's Business and Trade Secretary Kemi Badenoch said at the signing that her country was delighted to become the first new member of the CPTPP. The CPTPP is a landmark trade pact agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain will become the 12th member of the pact that cuts trade barriers, as it looks to deepen ties in the Pacific after its exit from the European Union in 2020.

Persons: Kemi Badenoch, Badenoch, Chris Hipkins, Lucy Craymer, Jamie Freed Organizations: AUCKLAND, Sunday, Trans, Pacific, Trade, European Union, Zealand, Thomson Locations: Britain, Pacific, China, Taiwan, New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Ukraine, Costa Rica, Uruguay, Ecuador, .

☆ Divisive China, Taiwan bids to join Pacific trade pact in focus at meet
▼ + stars: | 2023-07-14 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Britain will become the 12th member to join the pact that cuts trade barriers, as it looks to deepen ties in the Pacific. In support of its application, Britain has said that CPTPP countries will have a combined GDP of 11 trillion pounds ($13.6 trillion) once Britain joins, or 15% of global GDP. "There’s a large gap between the high standards and binding commitments that are demanded of CPTPP members, and where China is currently at," he added. The other countries' applications also provide opportunities. "After modernising the Canada-Ukraine FTA this year, Canada knows that Ukraine is capable of meeting the high standards of the CPTPP," she said.

Persons: Charles Finny, CPTPP, Chris Hipkins, Shu Jueting, Penny Wong, Aidan Arasasingham, Joanne Ou, Roy Lee, Mary Ng, Lucy Craymer, Ben Blanchard, Joe Cash, Praveen Menon, Muralikumar Organizations: WELLINGTON, Trans, Pacific, New Zealand, Reuters, Centre, Strategic, International Studies, Washington DC, Thomson Locations: Pacific, Auckland, China, Taiwan, New Zealand, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, Costa Rica, Uruguay, Ecuador, Ukraine, New, Beijing, Zealand, Jakarta, Taipei, CPTPP, Wellington

☆ Top diplomat says China, ASEAN pushing ahead with free trade area talks
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] China's Director of the Office of the Central Foreign Affairs Commission Wang Yi, Indonesian Foreign Minister Retno Marsudi and Russia's Foreign Minister Sergei Lavrov attend a meeting in Jakarta, Indonesia, July 12, 2023. REUTERS/Ajeng Dinar UlfianaBEIJING, July 13 (Reuters) - China and the Association of Southeast Asian Nations (ASEAN) are pushing ahead with talks on a third version of a free trade agreement at an ASEAN summit in the Indonesian capital of Jakarta, China's top diplomat Wang Yi said on Thursday. The Regional Comprehensive Economic Partnership (RCEP) is the world's largest trade bloc backed by China. "We will continue to deepen the comprehensive strategic partnership with ASEAN," Wang said. According to customs data on Thursday, the value of China-ASEAN two-way trade hit $447.3 billion in January-June, down 1.5% year-on-year.

Persons: Central Foreign Affairs Commission Wang Yi, Retno Marsudi, Sergei Lavrov, Wang Yi, Wang, Lv Daliang, Liz Lee, Ellen Zhang, Bernard Orr, Clarence Fernandez, Simon Cameron, Moore Organizations: Central Foreign Affairs Commission, Russia's, REUTERS, Association of Southeast Asian Nations, ASEAN, Economic, Trans, Pacific, Thomson Locations: Indonesian, Jakarta, Indonesia, BEIJING, China, China's, Asia, Pacific, Australia, Japan, U.S, ASEAN

TOKYO, July 7 (Reuters) - Ukraine has submitted a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to New Zealand, Japanese and New Zealand authorities said on Friday. New Zealand, which performs the legal depositary functions for the partnership, had received a formal accession request from Ukraine on May 5, a New Zealand foreign ministry spokesperson said. The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with Britain becoming the 12th member state. China, Taiwan, Ecuador, Costa Rica and Uruguay all also have requests pending to join. Japan's economy minister, Shigeyuki Goto, told a regular press conference that Japan, as a CPTPP member, "must carefully assess whether Ukraine fully meets the high level of the agreement" in terms of market access and rules.

Persons: Shigeyuki Goto, Kantaro Komiya, Jacqueline Wong, Robert Birsel Organizations: Trans, Pacific, ., Thomson Locations: TOKYO, Ukraine, New Zealand, Zealand, Auckland, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam, Britain, China, Taiwan, Ecuador, Costa Rica, Uruguay

☆ China concerned about Japan's plan to curb chipmaking gear exports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 13 (Reuters) - China is highly concerned about Japan's plan to put export curbs on 23 types of semiconductor manufacturing equipment, Wang Shouwen, a Chinese vice commerce minister, said. The comments were made on Wednesday during a meeting with Japan's ambassador, Hideo Tarumi, in Beijing. In a commerce ministry statement on Thursday, Wang urged Japan to follow World Trade Organization rules to maintain stability of global supply chains. Japan recently said it would restrict the chip equipment exports, aligning its technology trade controls with a U.S. push to curb China's ability to make advanced chips. Reporting by Beijing newsroom; Editing by Clarence Fernandez and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The UK agreement comes almost two years after it began talks to join the pact. The UK Office for Budget Responsibility, which produces economic forecasts for the government, expects Brexit to reduce Britain’s output by 4% over 15 years compared with remaining in the bloc. Becoming a CPTPP member means that more than 99% of UK exports to the 11 other countries will now be eligible for tariff-free trade. Services made up a huge chunk — 43% — of overall UK trade with CPTPP members last year, according to Sunak’s office.

☆ Explainer: Why is Britain joining a trans-Pacific trade pact?
▼ + stars: | 2023-03-31 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

Here are some details of the agreement as Britain seeks post-Brexit trade wins in geographically distant but faster growing economies. HOW MUCH DOES BRITAIN TRADE WITH CPTPP? Britain says that exports to CPTPP countries were worth 60.5 billion pounds in the twelve months to end-Sept. 2022. David Henig, Director, the UK Trade Policy Project, said that only Malaysia and Brunei weren't covered by existing FTAs, and they only account for 0.33% of UK trade. GEOPOLITICAL FACTORSWhile the long-term benefit for Britain's economy is set to be modest, Britain has other reasons for joining the bloc.

☆ Britain to join Indo-Pacific trade bloc in biggest trade deal since Brexit
▼ + stars: | 2023-03-31 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Justin Tallis | AFP | Getty ImagesBritain struck a historic trade deal to join a vast Indo-Pacific trade bloc after nearly two years of intense negotiations. The U.K. said this was the country's largest post-Brexit trade deal and makes it the first European nation to join the CPTPP, since it came into force in 2018. watch nowNatalie Black, the U.K.'s trade commissioner for Asia Pacific, called it a "progressive deal" for Britain. Deborah Elms, executive director of the Asian Trade Centre, said it's very hard to calculate these trade figures, especially based on existing trade flows. watch nowThe trade flows are always "under what you actually are likely to see in the reality as businesses recognize the benefits and start to use a trade agreement like the CPTPP," she added.

☆ Trade deals like CPTPP can help address a polycrisis, Asian Trade Centre says
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade deals like CPTPP can help address a polycrisis, Asian Trade Centre saysDeborah Elms of the Asian Trade Centre says one way to resolve a polycrisis is using trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership "as a key measure to lower risk and increase certainty about regulatory and rules changes at the drop of a hat," among other things.

☆ UK joins CPTPP trade pact: This was a complex deal to negotiate, official says
▼ + stars: | 2023-03-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK joins CPTPP trade pact: This was a complex deal to negotiate, official saysNatalie Black, U.K. trade commissioner for Asia-Pacific, says the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is "genuinely is the best deal around."

Atlanta/Hong Kong CNN —Britain has reached an agreement to join a major trans-Pacific partnership, calling it its biggest trade deal since Brexit. The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The UK agreement comes almost two years after it began talks to join the pact. In the year through September 2022, the United Kingdom exported £60.5 billion ($75 billion) worth of goods to CPTPP countries, Sunak’s office said in a statement. Services made up a huge chunk — 43% — of overall UK trade with CPTPP members last year, according to Sunak’s office.

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