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Britain eyes global trade growth with CPTPP accession

5 0
10.12.2024

In his first 150 days as Prime Minister, Keir Starmer has faced criticism for prioritizing foreign policy. However, during his recent speech at the annual Lord Mayor’s Banquet in London, Starmer emphatically declared, “Britain is back on the world stage.” This assertion aligns with his vision of leveraging renewed international engagement to foster domestic economic prosperity. As the UK charts its post-Brexit trajectory, Starmer’s foreign policy approach, including deeper economic ties with global partners, signifies an ambitious effort to reshape the nation’s economic future.

Starmer’s government has been proactive in advancing trade missions and partnerships, with a strong emphasis on regions like the Middle East and the Asia-Pacific. One of the most significant developments in this context is the UK’s impending accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), effective December 15. This monumental trade bloc stretches across the Asia-Pacific and Americas, bringing together 11 member nations, including Canada, Japan, and Australia.

While the UK’s geographical position makes it an outlier within the CPTPP, this accession symbolizes a concrete realization of post-Brexit aspirations to strengthen ties beyond Europe. The agreement is expected to act as a business “bridge,” facilitating trade between Europe, the Asia-Pacific, and the Americas.

The CPTPP presents a long-term opportunity for Britain, albeit with modest short-term gains. The previous UK government estimated the economic impact of joining the bloc at approximately 0.08 percent of GDP over the next decade. However, proponents like Conservative Party leader Kemi Badenoch........

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