Credit: Original article can be found here
International Trade Secretary Liz Truss is hopeful of concluding negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by the end of next year. The multi-trillion pound bloc consists of Australia, Canada, Japan and Singapore, as well as Brunei, Chile, Malaysia, Mexico, New Zealand, Peru and Vietnam. Ms Truss insisted talks with the 11 members of the CPTPP are central to the Government’s “Global Britain” post-Brexit trade agenda.
She added the UK must look for lucrative and beneficial trade opportunities outside of the EU after warning the bloc’s economic power will not be as strong over the coming decades.
The minister said: “The EU is going to be a smaller proportion of the world economy in 20 or 30 years’ time and countries like Vietnam, or Malaysia, which are part of CPTPP are going to be a bigger share.”
The International Trade Secretary is also hopeful the US would rejoin the partnership after leaving in 2017.
She added to the Payne’s Politics podcast: “The United States was one of the initial parties in the Trans-Pacific Partnership, and the new administration has not indicated they want to join it. But who knows what might happen in the future.”
Ms Truss has been hailed by Brexiteers following the latest mammoth post-Brexit trade breakthrough for “Global Britain”.
Reacting to our initial story, one Express.co.uk reader said: “Goodbye to the backwards-looking EU superstate and hello to the open trade club of individualistic sovereignty loving faster-growing Pacific nations.
“Infinitely superior trade future.”
A second person beamed: “Loving how it works nowadays. Democracy is ace.
Another reader said: “The EU is already no longer the biggest trading bloc or area in the world.
“NAFTA, America and China are all bigger.
“The EU is isolationist and falling behind.”
A fourth Express.co.uk reader simply added: “GB – onward and upward. EU – downhill full throttle.”
The CPTPP is seen as critical to the rapid growth of Brexit Britain outside the EU as in 2019, it made up 13 percent of global GDP.
The Department of International Trade believes this could jump to 16 percent with the addition of the UK.
Unlike the EU, the CPTPP also does not require the UK to sign up to identical regulations and standards as other organisations – something that has proved to be a huge sticking point in negotiations with the EU.
Additionally, there is also no equivalent to the European Court of Justice, which has the power to hit member states with big fines for breaching EU rules.