After agreeing a historic deal with Australia, the UK has begun the formal procedure to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). With the possibility of joining the group soon to become a reality for the UK, Alice Calder political commentator and PhD candidate claimed Britain is set to join an area of rapid economic growth. While some have pointed to the relatively small GDP gain from joining the alliance, Ms Calder claimed the UK most focus on the potential gains in the long-term.
She also claimed any comparison to what was lost to the EU is based on “faulty logic” as the UK must look forward and not backwards.
Writing for City AM, Ms Calder hit out at Brexit “naysayers” as the UK begins its pursuit to join the alliance of rapidly growing countries.
She wrote: “Naysayers have focused on the relatively small gain membership to the CPTPP will bring to the UK – a GDP boost of roughly 0.08 per cent, a figure still in excess of £1.7bn.
“It is only around a fortieth of the expected hit of leaving the EU.
“But comparing it to Brexit losses are based on faulty logic and holding every deal and every new move to this impossibly high goal will be to give into the defeatist misery of those determined to look backwards.
“The CPTPP offers incredible potential beyond the calculable immediate benefits.
“The partnership will strengthen ties in a key region and loosen restrictions on services and digital trade.”
Although many Rejoiners have claimed joining the 11-nation alliance will offer no sizeable benefit to the UK, it is still one of the largest free trade areas in the world.
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Other strong economies such as South Korea, Vietnam and the Philippines may also join the alliance in the future.
In what could be a major game-changer for the UK, the US may also rejoin the alliance after leaving its predecessor.
As well as the economic benefits of the group, joining the alliance will also strengthen the UK’s strategic position in the region.
After beginning negotiations, Ms Truss boasted of the multiple opportunities awaiting the UK going forward.
She added: “The CPTPP already has significant global presence, and our accession would send a powerful signal to the rest of the world that the UK, as an independent trading nation, will continue to champion free and fair trade, fight protectionism and slash tariffs at every opportunity.
“It will mean stronger trading links with the Indo-Pacific, which is vital to our goals for trade, investment, supply chains as well as supporting green growth, women’s economic empowerment and high standards for British workers.
“The launch of negotiations marks a huge milestone in our accession process, and I look forward to talks starting in the coming weeks.”