UK: Trans-Pacific Partnership Trade Deal Will Come Into Effect
UK: Trans-Pacific Partnership Trade Deal Will Come Into Effect
The Facts
On Thursday, the UK government said that it has received final ratification to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with the deal coming into effect on Dec. 15 of this year.
The UK signed the deal in July 2023 and was the first non-founding member to join. The founding countries consisted of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
The Spin
The ratification of the CPTPP is proof that the UK is better off without being shackled to the decrepit EU. The UK could not accede to the CPTPP while it was still in the union, leaving the country worse off and without the power to dictate trade policy. This is an exciting new era for Britain and goes to show how much can be accomplished with a little confidence.
Labour has shown that they are no different than the Conservatives on this issue, as they sell the UK out to foreign multinationals after the disastrous withdrawal from the EU left the island isolated. The economic gains over the long term are marginal, and grant foreign investors undue influence in the UK's affairs. What's worse, inter-CPTPP discord could derail further ratification and make this all for naught.
