Just recently, after prolonged discussions spanning over two years, the UK successfully secured its position in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). As highlighted by the Centre for Strategic and International Studies, a renowned think tank based in Washington, the partnership, boasting a combined GDP nearing $13.5 trillion, stands as one of the globe’s most expansive free trade accords. Interestingly, the European Union’s economic size mirrors this.
RELATED INSIGHTS
Brexit Deal: A Step Towards Restoring UK’s Global Stature
UK’s Recent Trans-Pacific Trade Accord Solidifies Brexit’s Permanence To achieve this, the UK engaged in negotiations with 11 independent nations, namely: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam.
Promoted Content Discover Affordable Solar Panel Solutions Solar Panels | Search Ads China and Taiwan are among other nations expressing interest in joining.
This marks a pivotal moment in the UK’s journey post its EU membership. As highlighted by economist Catherine McBride in her insightful piece titled “CPTPP Mythbuster”, the core essence of this agreement is trade, devoid of political entanglements.
By design, it contrasts starkly with the European Union, which is propelled by the vision of an “ever-deepening union”, making it predominantly a political initiative. This results in an added layer of governance, demanding increased tariffs and taxes to sustain its elaborate infrastructure, including a Court, Parliament, and Commission, not to mention the high salaries and perks for its officials.
Sponsored Content Online MBA Programs at Unbelievable Prices by Taboola McBride further elaborates that unlike the EU, which levies tariffs on imports from non-member states, the CPTPP refrains from such practices.
Members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (Image: Getty) In essence, while one fosters trade among sovereign nations, the other acts as a protectionist entity, safeguarding specific sectors from global competition. It often compromises the diverse national interests of its 27 member states for a vague “greater good”.
The distinction is clear: one emphasizes trade, the other is dominated by politics.
This distinction is crucial.
The EU, with its centralized approach, is a haven for mega-corporations and their lobbyists.
By imposing regulations and directives, the EU inadvertently shields established businesses, making products more costly than necessary.
Our departure from the EU should have clarified this. However, the journey has been tumultuous.
A significant factor is our bureaucratic elite’s apparent affinity towards the EU, developed over four decades, resembling a political form of Stockholm syndrome.
Trending Topics Putin’s Challenges in Crimea Highlighted by Lt Col Stuart Crawford The Impending Conflict and UK’s Military Preparedness The EU’s Potential Collapse: An Analysis by Jonathan Saxty Subscribe for Updates Stay informed with our latest insights. You can unsubscribe anytime.
Despite the challenges, there’s hope.
The CPTPP acts as a beacon, challenging the pessimistic narratives of the EU and its proponents, who often overlook the societal challenges faced by nations like France, Germany, and the Netherlands.
In the backdrop of a staggering 10.4% inflation rate and a base rate of 4.25%, it’s evident that money is devaluing rapidly, tightening consumer budgets.
Given this scenario, cost reduction, especially for essentials like food and cooking oils, becomes paramount.
Governor of the Bank of England, Andrew Bailey
Governor of the Bank of England, Andrew Bailey (Image: Getty) With the CPTPP, UK food industries can now tap into the global palm oil production in Malaysia without any import duties.
Palm oil, often criticized by the EU’s vast agricultural sector to shield its rapeseed oil market, is in fact more sustainable than many other vegetable oils.
The efficiency of palm oil production is evident in its yield, which is significantly higher than other oilseeds. This efficiency translates to lesser land usage, making it a more sustainable choice.
The CPTPP’s introduction is a positive development, allowing businesses to source globally without compromising the UK’s sovereign powers.
If our leaders had been more proactive, the advantages of Brexit would have been evident much sooner.
The CPTPP might just be the catalyst to expedite the UK’s transition away from its restrictive past association with the EU.
