UK's trade minister visits Asia-Pacific to promote accession to CPTPP

01 Feb '23

2 min read

Pic: Greg Hands / Twitter

UK’s trade minister Greg Hands is visiting Vietnam, Malaysia, and Singapore today for high level trade talks on how the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will boost the economic clout of the world’s most dynamic trade bloc. This visit emphasises UK’s post-Brexit shift to enhance trade with Indo-Pacific region, which is predicted to account for majority of global growth by 2050.

The country’s membership of the CPTPP will add another like-minded partner and strong voice to this powerful alliance, taking the trade bloc’s GDP to £11 trillion. It will give UK businesses tariff-free access on over 99 per cent of goods to a market of around 500 million customers.

As a major economy and strong advocate of free trade, the country’s membership will support the trade bloc to shape the high standards of global trade, particularly in the face of increased protectionism, UK government said in a press release.

With the next round of CPTPP negotiations taking place soon, the trade minister will express the UK’s desire to finalise accession at the earliest opportunity—a top priority for both the trade secretary, Kemi Badenoch, and the minister.

Minister of state for trade, Policy Greg Hands, said: “Joining CPTPP will add even more economic clout to this exciting and dynamic trade alliance, helping it grow to £11 trillion or from 12 to 15 per cent of global GDP.

“This visit will also strengthen our bilateral trade relationships with Vietnam, Malaysia, and Singapore—which total £32 billion.”

Fibre2Fashion News Desk (DP)

More Textiles News - United Kingdom...