The great significance of small proportions

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

According to London's calculations, joining the CPTPP would benefit the UK by an additional $2.5 billion per year, equivalent to 0.1% of its current GDP.

The UK officially joined the Comprehensive and Progressive Trans- Pacific Partnership Agreement.

While the absolute figures may seem small, participation in the CPTPP holds strategic significance for the UK. The CPTPP is the largest free trade agreement the UK has negotiated and signed since leaving the EU. It provides London with 11 additional economic and trade partners and significantly boosts bilateral economic and trade cooperation with participating members.

Joining the CPTPP would give London a crucial new impetus in building and promoting participation in or cooperation with other free trade areas. The UK needs more economic and trade partners around the world to replace the EU's internal market, which it can no longer participate in and benefit from since leaving the EU. Joining the CPTPP would also help the UK compete with and counter China more effectively in the Asia-Pacific region, and put it ahead of all other EU member states, and the EU as a whole, in promoting economic and trade cooperation with CPTPP members.

The strategic significance of joining the CPTPP for London also lies in the fact that the UK now has the right to decide on expanding membership, a kind of veto power over new member admissions. China and Costa Rica have applied to join the agreement, and several other countries have also expressed interest. The more successful the CPTPP becomes in practice and the more prestigious it is politically, economically, and commercially at the global and regional levels, the greater the role and influence the UK will have.

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