UK joins new economic bloc after BREXIT
Three years after severing ties with the European Union (EU), the UK has formally signed a treaty to join a new economic bloc — the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The CPTPP is a free-trade agreement between 11 countries: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.
UK Business and Trade Secretary Kemi Badenoch formally signed the treaty to join the CPTPP trade group in New Zealand on Sunday, July 16.
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to more than 400,000 jobs across the country.
Investments in the UK by CPTPP countries were worth £182 billion in 2021, and Braitain’s membership in the trade group is expected further investment in the UK by guaranteeing protections for investors.
Being part of CPTPP will mean that more than 99 per cent of current UK goods exports to CPTPP countries will be eligible for zero tariffs. Dairy farmers, for example, will benefit from reduced tariffs on cheese and butter exports to Canada, Chile, Japan and Mexico. This builds on the £23.9 million worth of dairy products the UK exported to these countries in 2022.
It is not yet clear what implications the new treaty will have for British Overseas Territories such as the BVI.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
In simple words their economy is in a free fall, crime is out of control, and they do not know what to do next.
The uk is helpless that’s why they want to recolonize the bvi
WE need to join up with the US. Britain is too confused with about its destiny, and further it’s military according the US is no longer a top tier military, meaning to say that they cannot properly defend themselves. If it is they are responsible for the defence of the overseas territories, how can they abide by that duty, if they can’t even defend themselves. They will not be able to assist the VI in our time of needs, particularly given how they have deployed their assets to antagonize both Russia and China.
So the UK gives up an advantageous trade arrangement with its immediate neighbours for a deal with nations the other side of the world, with which its trade is much lower.
A lesson for the BVI – you cannot eat “sovereignty” or get wealthy just by having it.
Britain is not in a recession. Germany is. Ask the US about the quality of the German, Spanish or French armed forces; I doubt they are considered top tier either. Top tier means equivalent to the US armed forces. No one can match them now. The UK needs to spend more defence without a doubt; but I have no doubt it can fulfill its obligations to the BVI, and more generally.
The UK is very peaceful and appears very prosperous to me; I’m there now. There roads are better than ours and I don’t see any sewage floods in the capital city.
Ask the minorities how they are doing financially?
What would that accomplish?
Like our Prime Minister and Foreign Secretary, 2 former Chancellors and Secretary of State for Business and Trade, you mean?
Transposing the US narrative on race to the UK doesn’t work.