Boris Johnson Says Prospect of Trans-Pacific Trade Agreement “Exciting Opportunity” as Dominic Raab Begins Negotiations | UK News
Joining a Trans-Pacific Trade Agreement is an “exciting opportunity” for the UK to build on its “entrepreneurial spirit and free trade history,” said Boris Johnson.
Foreign Minister Dominic Raab has started three days of negotiations on the UK’s accession to the Comprehensive and progressive trans-Pacific partnership agreement (CPTPP).
The Prime Minister said that the possible free trade agreement, which exists between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, would create “unprecedented opportunities for the UK”.
I just landed #Vietnam at the start of a visit to South East Asia to discuss the UK’s Indo-Pacific tilt.
Looking forward to discussing trade, security and addressing challenges such as climate change, COVID-19 and serious organized crime. pic.twitter.com/aXhyIJAY2I
– Dominic Raab (@DominicRaab) June 21, 2021
Earlier this month, the CPTPP announced that the membership process would begin after the UK’s application to join the agreement in February.
Mr Raab landed in Hanoi, Vietnam on Monday before the official start of the membership process on Tuesday.
Ahead of the start of the talks, the Prime Minister said: “Joining the CPTTP free trade partnership would open up unprecedented opportunities for UK businesses and consumers in the growing Indo-Pacific.
“This is an exciting opportunity to build on this country’s entrepreneurial spirit and free trade history to bring economic benefits to the whole of the UK.”
The UK has already concluded trade agreements with seven CTPP members, including – most recently – Australia.
But the government has said membership in the CPTPP will give the UK access to some of the world’s largest economies, with members having a combined GDP of £ 9 billion.
They added that joining the alliance would reduce tariffs on UK cars and whiskey – with duty-free trade for 99.9% of exports – and help UK farmers sell beef and lamb in other CPTPP countries.
International Trade Secretary Liz Truss described joining the CPTPP as “a sparkling post-Brexit price” for the UK.
“This part of the world is where Britain’s greatest opportunities lie. We left the EU on the promise of deepening our ties with former allies and fast-growing consumer markets in the world. beyond Europe, and joining the high-level trans-Pacific partnership is an important part of that vision, “she said.
“Membership would help our farmers, manufacturers and innovators sell to some of the greatest economies of the present and the future, but without ceding control of our laws, our borders or our money. It’s a sparkling post-Brexit price that I want us to grab hold of. “
And speaking ahead of the visit, Mr Raab added: “The UK is committed to strengthening our friendship across the Indo-Pacific.
“We demonstrate this through our commitment to join CPTPP, partner with ASEAN (the Association of Southeast Asian Nations) and invest more energy, time and effort in our bilateral relations in the region.
While in Vietnam, the Foreign Minister will also meet with Vietnamese leaders, including President Nguyen Xuan Phuc, Deputy Prime Minister Pham Binh Minh and Foreign Minister Bui Thanh Son.
He will then travel to Cambodia to meet with Foreign Minister Prak Sokhonn – the first visit to the country by a British Foreign Minister since the British Embassy reopened 30 years ago.
From there, Mr. Raab will travel to Singapore and meet Prime Minister Lee Hsien Loong and Foreign Minister Vivian Balakrishnan.