British trade minister Anne-Marie Trevelyan on Wednesday said the country expects to sign up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2022. However, she said there is no timetable yet for talks about a trade deal with the US. The trans-pacific trade pact removes 95% of tariffs between its 11 members (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam).
The British government said joining CPTPP could add less than 0.1% of pre-pandemic GDP over the long term. However, it could help gain wider access and influence in markets increasingly dominated by China. The government has long touted a trade pact with the US as one of the biggest prizes of exiting the EU. However, the prospect of a swift deal has faded since the Biden administration decided to carry out a wider review of trade policies.
The UK has also sought to shore up trade with European partners. The latest data from Italy showed imports from the UK fell 9.9% year-on-year in August. In contrast, imports from Russia jumped 107%, from India 87.3%, from China 42.5%, and from the US 17.4%, as global trade recovered from the COVID-19 pandemic. This year, Britain also lost its status as one of Germany’s top ten trading partners for the first time since 1950.
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Published on October 14, 2021 4:46 PM (GMT+8)Last Updated on October 14, 2021 4:46 PM (GMT+8)
