Douglas Alexander, British trade minister, in Geneva, October 21, 2024. FABRICE COFFRINI / AFP The United Kingdom will join the Trans-Pacific Partnership (TPP) agreement on Sunday, December 15, becoming the 12th country and the first European state to join this free trade treaty focused on the Asia-Pacific region. Initially, the economic gains will be limited: they will amount to 2 billion pounds (2.41 billion euros) per year, or 0.06% of British gross domestic product, according to a government estimate. Read also | Article reserved for our subscribers United Kingdom: new goods controls are causing chaos at the borders Read later “The United Kingdom has already concluded bilateral agreements with 9 of the 11 member countries of the TPP, notes Mustapha Douch, associate professor of economics at the University of Edinburgh. Malaysia and Brunei are the only two new territories. » The distance between the British Isles and the Asia-Pacific region “presents another obstacle, due to the high cost of transporting goods”, he continues. In 2022, UK exports to TPP member states amounted to £64.7 billion, or 7.8% of the total. In the medium term, the benefits of membership are expected to grow, especially if other countries in the region, notably Thailand and South Korea, join the treaty. “British products will benefit from reduced, or even zero, customs duties in all TPP countries,” notes Mustapha Douch. This will particularly benefit the tobacco, alcoholic beverages and automobile sectors. You have 68.42% of this article left to read. The rest is reserved for subscribers.
Source link