Europe UK (Commonwealth Union) – Since Brexit took place the UK initially went through a transition phase with several negotiations in regards to border issues in Northern Ireland and the Irish Republic as well as the sea border between Britain and France which PM Rishi Sunak and French president Emmanuel Macron recently made an agreement in connection to the illegal migrants arriving on boat. There is much emphasis following Brexit for new trade deals between the UK and the wrest of the world and hopes by many Commonwealth nations for greater engagement with the UK.
Britain’s Secretary of State for Business Kemi Badenoch is set to be in Mexico to discuss the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between 11 Pacific Rim countries, including Australia, Canada, Japan, New Zealand, and Singapore. The agreement was signed on March 8, 2018, and came into effect on December 30, 2018. The CPTPP is a revised version of the Trans-Pacific Partnership (TPP), which was signed in 2016 but did not come into effect due to the withdrawal of the United States due to its unpopularity in the US.
“I’m here to push progress on two significant post-Brexit wins that will not only benefit British businesses, but also show what the UK has to offer CPTPP countries,” said Badenoch.
The CPTPP covers a vast number of sectors, such as agriculture, automotive, services, and intellectual property. The agreement also includes commitments on labor and environmental standards, which are intended to ensure that the benefits of trade are shared by all and that economic growth is sustainable.
However, the CPTPP has critics concerned that the agreement could result in job losses in certain sectors, as businesses move production to countries where labor costs are lower. Others argue that the agreement could undermine environmental and labor standards, as companies seek to cut costs. The impact of the CPTPP on small business was also a concern for many small business owners.
