Monday, March 4

Korea and Great Britain plan to join the CPTPP

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Why it is beneficial for countries to join the CPTPP

It has become known that the Korean authorities are considering the option of joining the CPTPP. The Korean government is confident that by becoming a member of the Trans-Pacific Partnership, it will be able to expand export opportunities among the member countries of the alliance.
Although there is no final decision on the part of the Korean authorities, they are positive about the idea of joining the CPTPP. One of the important tasks for the government of the country is to diversify trade and establish new interactions. And as a tool for achieving this goal, the CPTPP is quite suitable.
Last November, a number of states signed a document that involves a regional economic partnership. This includes China, Japan, Korea, Australia, and the states that are members of the Association of Southeast Asian Nations. Such cooperation makes it possible to create a large free trade zone, where about 30% of the volume of the entire world economy is involved.
The Trans-Pacific Partnership, or CPTPP, was reorganized in 2008. At that time representatives of 11 countries signed a new agreement in Chile, after the U.S. withdrew from the alliance in 2007. Initially, the CPTPP was created in 2016 and included 12 countries, including Singapore, Mexico, Japan, the U.S., Canada and others. The purpose of this association is to organize free zones for trade and economic interaction between countries.
The United Kingdom may become another member of the CPTPP. The UK government has recently announced that it intends to apply for membership in the partnership by the end of this year. According to the government, the agreement will open up great trade opportunities for the UK. The authorities especially emphasize that the Pacific region is interesting for them in terms of perspective and cooperation on a number of issues. Now it is important for London to strengthen economic relations with countries, to demonstrate its importance outside the European Union.

It should be noted that both sides will benefit from Britain’s accession to the CPTPP. The members of the partnership will strengthen their presence in the global market at the expense of the kingdom and strengthen the position of strong players.
In addition to London, Beijing was also interested in the CPTPP The Thai authorities also hinted at the possibility of joining the partnership, the country has even established a special commission, which is studying the benefits of this association and the feasibility of participation in it.
The increased interest in the CPTPP occurred against the backdrop of the pandemic, when most countries felt the urgent need to increase trade in order to maintain the economy. Many analysts also point out that, in order for Southeast Asia to recover as quickly as possible, options for states to join free trade zones, including the CPTPP, should be considered.

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