Connect with us

Popular World News

UK set to formally apply for trans-Pacific trade bloc membership By Reuters

Wealth managers head to Singapore as China concerns dim Hong Kong

ECONOMIC NEWS

UK set to formally apply for trans-Pacific trade bloc membership By Reuters

© Reuters. FILE PHOTO: Britain’s Prime Minister Boris Johnson signs the Brexit trade deal with EU

LONDON (Reuters) – Britain will next week formally apply to join a trans-Pacific trading bloc of 11 countries, with negotiations set to start later this year, the government said on Saturday. Since leaving the European Union, Britain has made clear its desire to join the Comprehensive and Progressive (NYSE:) Agreement for Trans-Pacific Partnership (CPTPP), which removes most tariffs between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. “One year after our departure for the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain,” Prime Minister Boris Johnson said in a statement. Reuters reported on Thursday that Britain will not publish an assessment of the economic benefits of CPTPP membership before requesting to join it – contrary to earlier promises. Previous government economic analyses of Brexit have pointed to small boosts to economic output from additional trade deals. The government said joining CPTPP would remove tariffs on food and drink and cars, while helping to boost the technology and services sectors. British trade minister will speak to counterparts in Japan and New Zealand on Monday with a formal request to join CPTPP, the statement said.
“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade,” Johnson said.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Continue Reading
You may also like...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in ECONOMIC NEWS

To Top
error: Content is protected !!
Top