Britain reached a major milestone on Friday in its bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) — a free trade area worth £8.4 trillion ($11.4tn) in gross domestic product.
Trade Secretary Anne-Marie Trevelyan, who is set to visit Asia next week to accelerate talks further, hailed the second and final phase of the UK’s negotiations with the trade bloc as “one of the largest and most exciting free-trade clubs in the world”.
It is the latest major move by “Global Britain” as it strives to become an international player on the global trade stage following its exit from the EU at the end of 2020, with a free trade agreement also in the pipeline with the GCC.
“Today’s announcement is a major milestone for us joining this dynamic group of economies and means the finish line is in sight,” Ms Trevelyan said.
“I look forward to visiting Asia next week and flying the flag for Global Britain by holding valuable trade talks with key partners across the Indo-Pacific region and pushing to secure CPTPP accession by the end of the year. This just one aspect of our Indo-Pacific strategy, which will benefit businesses and consumer across every part of the UK and help us to level up at home.”
Britain applied to join the trans-Pacific free trade pact between 11 countries in January last year, under the leadership of Liz Truss, who was trade minister at the time.
Since leaving the EU, Britain has made clear its desire to join CPTPP, which removes most tariffs between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Joining the bloc could result in tariffs on 99.9 per cent of UK exports being slashed, opening up massive new trading opportunities for businesses across the UK.
Confirmation on the UK reaching the next stage of the process came from Japan, before Ms Trevelyan’s visit to Indonesia, Japan and Singapore next week to oversee the final accession stage and deepen trade ties throughout the Indo-Pacific region.
The government said the move to the final stage of the process indicates that the UK has successfully demonstrated it has a high-standards, fair trading economy, with new guarantees of access to services markets set to boost UK exports.
Other benefits include the potential for Britain to expand its digital reach in the global marketplace and make it easier for some UK exports to qualify for preferential tariff treatment.
CPTPP membership will also support the government’s levelling-up agenda, with the West Midlands, Scotland and Northern Ireland expected to gain the most.
Wales will receive a £53 million boost to its Gross Value Added from the pact, with £45m for Northern Ireland and £163m for Scotland.
“Global trade is pivotal for levelling up our regions, and this deal could unlock opportunities with countries contributing more than £100bn to our economy. It will also give the UK a chance to play a leading role in shaping standards,” said Lord Karan Bilimoria, president of the Confederation of British Industry.
Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
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Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
