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| The main benefit of UK membership of the CPTPP would be the right to veto or support other countries’ applications to join the bloc. (Source: Aseanbriefing) |
The move defines the post-Brexit UK’s place in the 21st century and is being hailed as the UK’s biggest trade achievement since it left the European Union (EU) in January 2020.
However, experts and British government officials say the diplomatic benefits of Britain's CPTPP membership could far outweigh the economic benefits of joining the £9 trillion ($11.2 trillion) Pacific trade bloc.
The country already has free trade agreements (FTAs) with nine of the 11 members of the CPTPP and UK government studies have said membership of the agreement would not offset a post-Brexit drop in trade with its nearest neighbour, the EU.
The UK strategy makes clear that “stronger and more enduring” engagement with the Indo- Pacific region will become “an enduring pillar of the UK’s international policy”.
With this shift in focus, Britain became part of two major defence partnerships with Pacific allies, including AUKUS – the US-UK-Australia trilateral security alliance, and the Global Combat Air Programme to develop sixth-generation fighters with Japan and Italy.
Meanwhile, Britain and France have agreed to jointly deploy aircraft carriers in the Indo-Pacific to boost Europe's maritime presence in the region.
Britain has also secured “dialogue partner” status with the 10-nation Association of Southeast Asian Nations (ASEAN); joined a US-led group promoting economic ties with Pacific island nations; and established a new Singapore-based branch of the UK development finance agency International Investment.
The overarching aim of the moves is to increase British and Western influence in a region where China is trying to assert itself.
Asked about joining the CPTPP at a Politico Magazine event last month, UK Business and Trade Secretary Kemi Badenoch confirmed that in addition to the economic benefits, the deal was also about “ensuring that more countries looking to the future do it in a way that benefits the UK.”
Meanwhile, a Foreign Office official said: “The UK government has taken important steps to turn this analysis into a foreign policy reality. More and more connections will be built between the UK and an increasingly important and dynamic part of the world.”
In addition, the main benefit from UK CPTPP membership would be the right to veto or support other countries' applications to join the bloc.
Both China and Taiwan (China) have applied to join the CPTPP, and the aspirations are being considered amid growing concerns for peace in the region.
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