Britain has secured an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement between 11 countries in the Indo-Pacific region. This move marks a significant shift in the country's post-Brexit trade strategy, as it seeks to diversify its trading partners beyond the European Union.
The CPTPP includes some of the world's largest and fastest-growing economies, including Australia, Canada, Japan, and Singapore. The agreement eliminates tariffs on goods and services traded between member countries, and includes provisions on intellectual property, labour rights, and environmental standards.
For Britain, joining the CPTPP provides access to a market of around 500 million people and a combined GDP of $13.5 trillion. It also strengthens the country's ties with key allies in the Indo-Pacific region, as it seeks to play a greater role in global affairs.
The decision to join the CPTPP has been welcomed by business groups, who see it as a positive step towards securing new trade deals and increasing exports. However, some critics have raised concerns about the impact of the agreement on certain industries, such as agriculture and automotive manufacturing.
Overall, Britain's decision to join the CPTPP is a significant development in its post-Brexit trade strategy. By diversifying its trading partners and strengthening ties with key allies in the Indo-Pacific region, the country is positioning itself for future economic growth and prosperity.
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