A post Brexit coup for the UK
Britain is poised to join an Indo-Pacific trade pact as the economy pivots away from the European Union.
The UK is expected to become the first non-founding member of The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comprises Japan, Canada, Vietnam, Malaysia, Singapore, Mexico, Peru, Chile, Australia, New Zealand, and Brunei.
It gives UK business easier access to tens of millions of middle-class consumers and a $10 trillion market. Once the UK joins the trade pact its global GDP jumps overnight to 16%, leap-frogging the combined EU.
Shanker Singham, a UK trade adviser and a fellow at the Institute of Economic Affairs commented: “This is a seismic event. The EU and the US fully understand the geo-economic significance of this and are utterly shocked that it could have happened.
Robert Lefroy, group editor, Business Money, said: “Along with the Aukus defence pact with the US and Australia the UK it underlines Britain’s determination to play a role on the global stage.
It also kills, for ever, any prospect of the UK being sucked back into the EU quagmire.
81% of the UK economy comprises of services and many, if not most, can be transported across the world at the touch of a button. Other nations are seeking to join, and the USA will, surely now, review Trump’s hasty decision to pull out.
In the UK, our commercial finance industry is already geared up to managing huge volumes of international business. Receivables, our 26th annual review of the UK invoice finance industry, one that supports sales amounting to over 14% of UK GDP, shines the spotlight on the key players.”