CPTPP is a high quality free trade agreement between Australia, New Zealand, Canada, Japan, Singapore, Vietnam, Mexico, Malaysia, Peru, Chile and Brunei. It comprises about 14 percent of the world economy. The association’s previous incarnation, TPP, was originally envisioned as an economic pillar supporting former US President Barack Obama’s “shift to Asia”.
However, America’s participation in its third day in office was rejected by President Donald Trump.
With Democrat Joe Biden soon replacing him in the White House, many are hoping things will change.
However, in an exclusive interview with Express.co.uk, Senator Eric Abetz of the Australian Liberal Party invited a surprising group of countries to join it: the EU.
He said, “I think all members will be in favor of it.”
“At first glance, I don’t see any problem if it’s mutual benefit for all.
“In the European Union, they are all democratic nations without a lot of human rights issues.
“As a result, an agreement between us would only be a good thing.”
In another interview with Express.co.uk, government trade advisor Shankar Singham echoed Senator Abbett’s claims, but explained why it would be impossible for Brussels to involve us for the future.
Singham, CEO of the economic consulting firm, said: “The game is in the Indo-Pacific, certainly.
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“I think it would be great for the EU to join CPTTP, but they cannot join at this time.
“With their focus on agriculture and regulation, it is impossible for them to access it.
“That doesn’t mean they can’t change their perspective.”
He said: “It would be good for the world if they do and I hope someone from the EU’s trade department is trying to figure out what needs to change to become an acceding country.”
EU membership in the CPTPP will be seen as very ironic, as Britain, which has tried to distance itself from Brussels, hopes to join the association this year.
International Trade Secretary Liz Truss negotiated trade deals with various countries around the world by 2020.
In December, agreements were signed between Canada, Kenya, Singapore, Vietnam, Switzerland, Norway and Iceland for more than 50 such agreements between all countries including Japan, Mexico. Canada, Singapore, Vietnam and Switzerland.
However, as Ms Truss said, some of these agreements were “part of a much larger strategic investment for the UK”, bringing the UK closer to joining the CPTPP.
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According to Singham, the UK will send its letter of membership in a few months.
The trade expert said: “Britain will definitely be involved.
“We look forward to our membership letter with New Zealand patrons very soon.”
When asked exactly when this would happen, Singham said: “As soon as it can be done.”
“I am thinking about the beginning of 2021.
“But it is the letter, which is the first step in the process.”
However, according to trade experts, the UK should not be worried about the upcoming negotiations as CPTPP members are in dire need of London membership.
He said: “I know Japanese, Australians, Singaporeans … They all want Britain to join it, as Canadians and Mexicans do.
“Everyone is in dire need of it.”
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