Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

British decision to join Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was made recently .

About

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership was just signed by the United Kingdom. The success of the arrangement was highlighted by the U.K. prime minister as an illustration of "post-Brexit liberties." The CPTPP countries and Westminster will now need to ratify the deal.
11 nations make up the Indo-Pacific Free Trade Area under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Australia, Brunei, Canada, Chile, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam make up its membership.
Since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was established in 2018, Britain will be the organization's first new member and the first European nation.
Once the UK enters, the 500 million-person bloc will account for 15% of the world's Economy.

Background

The Trans Pacific Partnership (TPP), which consists of 12 nation-states, was created in 2005 as a result of a trade deal between a small number of Pacific Rim nations, including Brunei, Chile, New Zealand, and Singapore.
The TPP-11—the remaining eleven signatories—kept up the negotiations after the US withdrew, and their efforts resulted in the creation of the CPTPP.

Relevance to the UK

The UK sees this as a boost to its geopolitical relations and economic prosperity.
Long-term growth is anticipated to total £1.8 billion ($2.23 billion) annually in the UK.
The UK also thinks that joining will give it a voice in establishing regional trade laws in the following decades. It might imply that the UK and other participants are blocking China's potential membership in the club.
The UK will have better access to Mexico, Canada, and Japan for dairy exports as a result of membership, and the automotive and alcohol industries in Britain will benefit from zero-tariff trade in the long run, largely thanks to the export of spirits to Malaysia.

Significance of this group

The CPTPP eliminates 99% of tariffs on products and services, much like the original TPP did, and all of the participating nations have committed to reducing wildlife trafficking. The main beneficiaries of this include marine life, rhinoceroses, and elephants.
It stops harmful environmental practises like unsustainable forestry and fishing. Trade sanctions will be applied to noncompliant nations.
India opted out of the CPTPP because it wants to impose stricter labour and environmental regulations on its other partners. Additionally, the CPTPP draught contains incredibly specific requirements for investment protection, safeguards for the host state's regulatory authority, and the imposition of extensive transparency standards.

Source: The Hindu

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