The largest and most important trade deal he has signed since Brexit announced Britannia. From now on, the country will become the first European CPTPP member country, a huge free trade zone that unites the countries of Asia and Latin America with Canada. Cause her A Comprehensive and Progressive Pacific Partnership Agreement, known by the acronym CPTPP since 2018, when it was implemented by connecting 11 countries to the free trade area. As the British government touts this as proof of the freedom of movement that the country has gained thanks to Brexit, joining the UK to the CPTPP brings at least 99% of UK exports to the 11 member countries.

In a word, a huge range of products will be exported to this huge market with a total value of 13.6 trillion, from cheeses and chocolate to cars, machinery and even whiskey. dollar Australia, Canada, Japan, New Zealand, Singapore, Vietnam, Chile, Malaysia, Mexico, Peru and Brunei. they make up the free trade area in question, which was originally intended to include the US, but Donald Trump withdrew from the superpower in 2017, when it was still in the works. As for the importance of this agreement for the UK, it is indicative that over the past year the country has exported $75 billion worth of products to CPTPP member countries, as announced by British Prime Minister Rishi Sunak yesterday. Among them, $29.6 million worth of dairy products were exported to Canada, Chile, Mexico and Japan, countries that the British government has indicated will “benefit from tariff cuts” from now on.

At the same time, the agreement will free British companies from much of the bureaucracy that has hitherto accompanied their exports, as well as from the obligation to open local offices or be owned by residents of the countries to which they wish to export their services. . It should be noted that services make up a crucial part, namely 43% of the trade that the UK had last year with CPTPP member countries. In announcing the UK’s accession to this vast free trade area, Rishi Sunak emphasized that “as a member of the CPTPP, the UK will now be in an advantageous position in the global economy, a position that will facilitate job capture, further growth and innovation.” “. The news was welcomed by many UK companies, including Standard Chartered Bank and Pernod Picard, a liquor maker.

Australia, Canada, Japan, New Zealand, Singapore, Vietnam, Chile, Malaysia, Mexico, Peru and Brunei make up the said free trade area.

According to Aniska Zelichich, head of public relations for Pernd Ricard in the UK, the country’s accession to the free trade area is “a big opportunity for the UK Scotch whiskey industry.” Speaking to CNN, she explained that “five of the 20 most important markets for UK exports are members of the CPTPP, meaning that UK exports will increase and jobs and investment will be secured as sales double in some markets.”

It should be noted that many countries have expressed interest in joining this free trade area. Among them is China, which submitted a request but failed to make the same rapid progress as the UK.