The UK will join the giant trading bloc by Christmas, according to the CPTPP. Britain
With membership in a massive free-trade agreement, the UK might achieve its biggest post-Brexit reward by Christmas.
Ministers indicated today that talks on formal membership in the Comprehensive and Progressive Trans-Pacific Partnership were intensifying (CPTPP).
Australia, Canada, Japan, and Singapore, as well as Brunei, Chile, Malaysia, Mexico, New Zealand, Peru, and Vietnam, are all members of the £9 trillion bloc.
Minister for Investment Lord Grimstone updated the House of Lords on membership status, saying officials and ministers were “pleased with the rate of development” on entering the partnership.
“The CPTPP is a high-standards agreement, and that is part of the attraction for us to join it,” he told the International Agreements Committee this afternoon.
“It is in our best interests to satisfy these [necessary for membership]requirements and to ensure that future applicant countries do as well.”
Currently, trade authorities are demonstrating to CPTPP member nations how they can meet the bloc’s stringent product standards.
Following that, the UK will take part in crucial market access negotiations, which are expected to last several months.
Officials will “go at it at a good clip in the autumn,” said to Graham Zebedee, director of Indo-Trade talks and development at the Department for International Trade.
According to the Express, a source close to International Trade Secretary Liz Truss expressed optimism that a deal might be reached shortly to “catapult the UK ahead on the world trade stage.”
“This deal represents a crucial opportunity to launch the United Kingdom ahead on the global trade stage and help Britain succeed after it leaves the European Union,” they continued.
“We are making substantial progress, and this could bear fruit by the end of 2021.
“Other members clearly see the benefits of Britain joining after Brexit.”
The CPTPP is one of the world’s biggest free trade zones, accounting for 13% of global GDP in 2019.
Ministers claim that if the UK joins, this will climb to 16%, bringing significant value to this massive free trade zone.
In terms of specific benefits, Lord Grimstone stated that the United Kingdom’s participation will “open up new prospects for our world-class farmers.”
Former health secretary Lord Andrew Lansley, on the other hand, expressed concern that the deal could delay the entry of certain generic medications into the NHS, which, according to Lord Lansley, could lead to an increase in NHS pharmaceutical prices.
Lord Grimstone, on the other hand, stated: “In our talks to join the partnership,.”Brinkwire Summary News.”