With the U.K. set to join trade bloc, expert says the CPTPP's importance remains severely underappreciated in Canada
In March, the United Kingdom made it one step closer to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership , as the country’s CPTPP Act received royal assent.
The CPTPP was signed in 2018 and aims to facilitate economic cooperation between its signatories. Members primarily consist of countries in the Indo-Pacific, including Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Additionally, once the U.K. becomes a member of the CPTPP, a B.C. company can collaborate with a U.K. firm to access other CPTPP markets together, as they will be covered by the same free-trade agreement.
“Because Mexico qualifies for the NAFTA rules, you can make things in Mexico and then sell them in the U.S. and Mexico, and you can also use those investments to sell things in Vietnam, Singapore, Malaysia … and now the UK,” Dade said. “The two countries that are the best qualified at the moment with the most open economies, which probably would have the least amount of difficulty in meeting a standard, would be Taiwan and Costa Rica,” said Stephens.
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