The Great Significance of Small Proportions

Since yesterday (December 15), the UK officially joined the Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTPP) and became the 12th member of this agreement.

According to London's calculations, joining the CPTPP will bring an additional benefit of 2.5 billion USD per year to the UK, equivalent to 0.1% of the country's current GDP.

UK officially joins Comprehensive and Progressive Agreement for Trans- Pacific Partnership

Looking at the absolute numbers, the proportion is small, but participation in CPTPP is of strategic significance for the UK. CPTPP is the largest free trade agreement that the UK has negotiated and signed since leaving the EU. CPTPP helps London have 11 more economic and trade partners and strongly promotes bilateral economic and trade cooperation with members participating in the agreement.

Joining the CPTPP will give London a decisive new push in building and promoting participation or cooperation with other free trade areas. The UK needs more economic and trade partners around the world to replace the EU domestic market that it has not been able to continue participating in and benefiting from since leaving the EU. Joining the CPTPP will also help the UK compete and deal with China more effectively in the Asia-Pacific region as well as being ahead of all EU member states in particular and the EU in general in promoting economic and trade cooperation with CPTPP members at the same time.

The important strategic significance of joining the CPTPP for London is that from now on the UK has the right to decide on the expansion of the CPTPP membership, a kind of veto on the admission of new members. China and Costa Rica have applied to join this agreement, and several other countries have also expressed their interest in joining. The more successful the CPTPP is in practice and the more prestigious it is in world and regional politics, economics and trade, the more role and influence the UK will have.

Source: https://thanhnien.vn/y-nghia-lon-cua-ty-trong-nho-185241215231637851.htm