UK becomes first European country to join CPTPP

(CLO) On Sunday, the United Kingdom officially joined the CPTPP, becoming the first European country to join the trade bloc.

The UK becomes the 12th member of the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).

The previous British government signed the accession treaty last year, and most of the bloc's members have ratified the UK's accession.

Officials hope that joining the CPTPP could boost Britain's struggling economy by $2.5 billion (about 2.4 billion euros) a year.

Despite leaving the European Union following the 2016 Brexit referendum and actively seeking new trading partners, the UK remains heavily dependent on the EU market. Over 40% of its exports and over 50% of its imports still go to EU member states.

Photo: GI

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership currently has 12 members: the United Kingdom, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The CPTPP was formed from the Trans-Pacific Partnership (TPP), a project that stalled after the United States withdrew in 2016.

The agreement retains most of the provisions of the previous agreement and reduces trade barriers between member countries on many goods.

The bloc's members now account for about 15% of global GDP and have a population of about half a billion people.

Ha Trang (according to NDT, DW, GI)

Source: https://www.congluan.vn/vuong-quoc-anh-tro-thanh-quoc-gia-chau-au-dau-tien-gia-nhap-cptpp-post325774.html