CPTPP: The UK’s transfer to hitch trans Pacific commerce partnership will not compensate for Brexit
The UK Department for International Trade says membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership would produce an economic windfall by lowering tariffs on “key British exports” such as cars and whisky, while helping farmers to sell more meat to “fast growing” markets such as Mexico. It could also boost trade in services and make it easier for tech firms to expand abroad.
“Joining CPTPP would hitch Britain to some of the world’s biggest current and future economies, populated by half a billion people and with a joint GDP of £9 trillion ($12.5 trillion) in 2019,” the trade department said in a statement. “It is a glittering post-Brexit prize that I want us to seize,” added Trade Secretary Liz Truss.
But trade experts say that joining the CPTPP — an 11-country pact that includes Mexico, Australia, Canada and Singapore — will yield only modest economic benefits, and won’t make up for the hit to Britain’s trade caused by exiting the European…
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