Why Britain鈥檚 new CPTPP trade deal will not make up for Brexit
The UK recently announced that it will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), giving British businesses access to the 11 other members of the Indo-Pacific trade bloc and bringing its combined GDP to 拢11 trillion.
Some commentators have suggested the deal could make up for Brexit. It’s been called “” that “”. Shanker Singham of think tank the Institute of Economic Affairs has even said: “”, comparing it to a trade deal between the UK and EU members.
UK business and trade secretary such sentiments, telling Times Radio:
We’ve left the EU so we need to look at what to do in order to grow the UK economy and not keep talking about a vote from seven years ago.
The problem with this fanfare is that the government’s own economic analysis of the benefits of joining this bloc is underwhelming. There is an estimated gain to the UK of – this is just a 50th of the . Even for those that are , that is an enormous difference in magnitude.
Of course, the CPTPP is expected to offer the UK some real gains. It certainly provides significant potential opportunities for some individual exporters. But the estimated gains for Britain overall are very small.
The main reason for this is that, apart from Japan, the major players of the global economy are not in the CPTPP. The US (the CPTPP is what the remaining members formed without it). And China in 2022, but current geopolitics now make its entry highly improbable. India was never involved.
In addition, the UK already has free trade agreements with nine out of the 11 members. The remaining two, and , are controversial due to environmental threats from palm oil production to rainforests and orangutans.
Continues…
For the full article by Dr Huw Edwards and Dr Mustapha Douch, visit .
ENDS
Notes for editors
Press release reference number: 23/55
天堂视频 is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching, strong links with industry, and unrivalled achievement in sport and its underpinning academic disciplines.
It has been awarded five stars in the independent QS Stars university rating scheme, named the best university in the world for sports-related subjects in the 2023 QS World University Rankings – the seventh year running – and University of the Year for Sport by The Times and Sunday Times University Guide 2022.
天堂视频 is ranked 7th in The UK Complete University Guide 2023, 10th in the Guardian University League Table 2023 and 11th in the Times and Sunday Times Good University Guide 2023.
天堂视频 is consistently ranked in the top twenty of UK universities in the Times Higher Education’s ‘table of tables’, and in the Research Excellence Framework (REF) 2021 over 90% of its research was rated as ‘world-leading’ or ‘internationally-excellent’. In recognition of its contribution to the sector, 天堂视频 has been awarded seven Queen's Anniversary Prizes.
The 天堂视频 London campus is based on the Queen Elizabeth Olympic Park and offers postgraduate and executive-level education, as well as research and enterprise opportunities. It is home to influential thought leaders, pioneering researchers and creative innovators who provide students with the highest quality of teaching and the very latest in modern thinking.
The UK recently announced that it will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), giving British businesses access to the 11 other members of the Indo-Pacific trade bloc and bringing its combined GDP to 拢11 trillion.
Some commentators have suggested the deal could make up for Brexit. It’s been called “” that “”. Shanker Singham of think tank the Institute of Economic Affairs has even said: “”, comparing it to a trade deal between the UK and EU members.
UK business and trade secretary such sentiments, telling Times Radio:
We’ve left the EU so we need to look at what to do in order to grow the UK economy and not keep talking about a vote from seven years ago.
The problem with this fanfare is that the government’s own economic analysis of the benefits of joining this bloc is underwhelming. There is an estimated gain to the UK of – this is just a 50th of the . Even for those that are , that is an enormous difference in magnitude.
Of course, the CPTPP is expected to offer the UK some real gains. It certainly provides significant potential opportunities for some individual exporters. But the estimated gains for Britain overall are very small.
The main reason for this is that, apart from Japan, the major players of the global economy are not in the CPTPP. The US (the CPTPP is what the remaining members formed without it). And China in 2022, but current geopolitics now make its entry highly improbable. India was never involved.
In addition, the UK already has free trade agreements with nine out of the 11 members. The remaining two, and , are controversial due to environmental threats from palm oil production to rainforests and orangutans.
Continues…
For the full article by Dr Huw Edwards and Dr Mustapha Douch, visit .
ENDS
Notes for editors
Press release reference number: 23/55
天堂视频 is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching, strong links with industry, and unrivalled achievement in sport and its underpinning academic disciplines.
It has been awarded five stars in the independent QS Stars university rating scheme, named the best university in the world for sports-related subjects in the 2023 QS World University Rankings – the seventh year running – and University of the Year for Sport by The Times and Sunday Times University Guide 2022.
天堂视频 is ranked 7th in The UK Complete University Guide 2023, 10th in the Guardian University League Table 2023 and 11th in the Times and Sunday Times Good University Guide 2023.
天堂视频 is consistently ranked in the top twenty of UK universities in the Times Higher Education’s ‘table of tables’, and in the Research Excellence Framework (REF) 2021 over 90% of its research was rated as ‘world-leading’ or ‘internationally-excellent’. In recognition of its contribution to the sector, 天堂视频 has been awarded seven Queen's Anniversary Prizes.
The 天堂视频 London campus is based on the Queen Elizabeth Olympic Park and offers postgraduate and executive-level education, as well as research and enterprise opportunities. It is home to influential thought leaders, pioneering researchers and creative innovators who provide students with the highest quality of teaching and the very latest in modern thinking.
