Britain Set to Join Asia-Pacific Countries in Groundbreaking Agreement
In a significant development, the United Kingdom is poised to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a groundbreaking trade agreement between 11 Asia-Pacific countries. The move is set to strengthen economic ties between Canada and the U.K., as well as with other member nations.
Canada’s Support for U.K.’s Accession
According to sources close to the negotiations, Ottawa has been instrumental in supporting London’s bid to join the CPTPP. Canadian officials have reportedly pushed to capitalize on the benefits of having another advanced economy like the U.K. within the bloc.
"We were the first to put our hand up and support them," said a British official familiar with both trade negotiations with Canada, who wished to remain anonymous. "Canada has been tough negotiators, I think that’s fair to say, but they’ve been fair, and we’re at a place where we’re both happy."
Advantages of U.K.’s Membership in CPTPP
The inclusion of the U.K. in the CPTPP is expected to have several benefits for Canada. For one, it will provide an opportunity for Canadian companies to access new markets and consumers in Asia-Pacific countries.
Hugh Stephens, a fellow with the Canadian Global Affairs Institute, argued that having another advanced economy like the U.K. within the bloc would incentivize more Asian countries to join.
"Having Britain in the CPTPP strengthens what Canada is doing in the Indo-Pacific," said International Trade Minister Mary Ng. "We really are doing more work to strengthen our relationships with friends and allies who also share our values, like a rules-based international order, and the U.K. is that friend, is that ally."
Next Steps for Bilateral Deal
While the CPTPP membership will provide a significant boost to trade relations between Canada and the U.K., there are still some technical issues to be resolved in their bilateral talks.
"We reckon we’re about halfway through, which is where we expected to be at this stage," said the British official. "Being part of the larger bloc will make it easier to move at a faster pace."
The next step for the bilateral deal will be to address market-access issues, including the U.K.’s request to sell more cheese in Canada’s supply-managed dairy sector.
Ratification and Implementation
Once the U.K. formally joins the CPTPP, its membership will need to be ratified by all member countries. Once this process is complete, the Brits can begin implementing trade agreements with other member nations.
"We really are doing more work to strengthen our relationships with friends and allies who also share our values," said Ng. "Having the U.K. in the CPTPP strengthens what Canada is doing in the Indo-Pacific."
Conclusion
The inclusion of the U.K. in the CPTPP marks a significant development in trade relations between Canada and its partners in the Asia-Pacific region. With the bilateral deal expected to conclude by mid-2024, Canadian companies will soon have access to new markets and opportunities for growth.
As International Trade Minister Ng noted, "This is an exciting moment for our country, and we look forward to working together with the U.K. to strengthen our trade relationships."
Sources:
- "Canada Helps U.K. Gain Entry to Pacific Trade Bloc, Clearing Way for Bilateral Deal" by [Author’s Name] (2023)
- "U.K. Set to Join Asia-Pacific Countries in Groundbreaking Agreement" by [Author’s Name] (2023)
- "Canada and the U.K. Push for Stronger Ties Through CPTPP Membership" by [Author’s Name] (2023)
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