Brexit LIVE: Boris eyes clever SHORTCUT to US trade deal – UK negotiators leave EU in dust
Brexit: Boris Johnson has a ‘big test coming up’ says Lidington
The UK Government will formally apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) today in order to increase trading ties with the Asia-Pacific region. Not only will the UK be able to boost exports to the 11 nations, but one expert has revealed it may also increase the chances of agreeing a trade deal with Washington. The group is made up of 11 nations but Mr Biden has already indicated the US may also apply to enter the trade alliance after Donald Trump pulled out of negotiations in 2017.
As it stands, the UK is set to continue negotiations with the US over a potential deal and may miss the provisional deadline of 2021 to do so.
However, the BBC’s global trade correspondent, Dharshini David, claimed joining the group could be a “real boost” for US-UK trade relations.
She said: “The real boost could come in the future, if others join – in particular the US, as President Biden has hinted.
“That would give the UK that hoped-for trade deal with America – within a trading bloc wielding considerable power on the global stage.”
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If the US were to join the trade alliance and subsequently agrees a deal with the UK, it would be a massive boost for the Prime Minister due to the size of trade with Washington.
It would also mark the latest in a raft of trade deals signed by the Government now the UK is free from the EU.
Overall, the CPTPP accounted for 8.4 percent of exports in 2019 and would reduce tariffs on exports such as whisky and automobiles.
International Trade Secretary Liz Truss told the BBC’s Andrew Marr: “In future, it’s going to be Asia-Pacific countries in particular where the big markets are, where growing middle-class markets are, for British products.
“Of course British businesses will have to reach out and take these opportunities, but what I’m doing is I’m creating the opportunities, the low tariffs, removing those barriers so they can go out and do that.”
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7.39am update: Political leaders must work together on Northern Ireland protocol
The SDLP’s leader, Colum Eastwood has called for cooperation over the Northern Ireland protocol.
Following the threat of triggering Article 16 last week from Brussels, Mr Eastwood called on all parties to “dial down” the rhetoric over Northern Ireland.
Despite the EU’s bold threat, he warned all parties must cooperate in order to make the protocol work going forward.
He said: “It is important in the coming days that unionist politicians show leadership and that all of us work together to make sure the Northern Ireland protocol operates effectively.
“The events of Friday show the grave sensitivity around these issues and it is now vital that political leaders in Ireland, Britain and the EU focus on the way forward.
“We all need to work together, avoid all intemperate and divisive language and ensure [the NI Protocol’s] full implementation.”
7.22am update: Boris Johnson eyeing ingenious move to boost US trade deal chances
Following the announcement of the UK’s pursuit to join the CPTPP, one trade expert has indicated it may well boost the chances of a US trade agreement.
Donald Trump withdrew from negotiations to join the trade alliance in 2017 but amid the rise of China, Mr Biden has indicated the US may join the group.
If the US does follow the UK in joining the trade alliance, the BBC’s global trade correspondent, Dharshini David, claimed it could help improve the chances of a trade deal with Washington.
She said: “The real boost could come in the future, if others join – in particular the US, as President Biden has hinted.
“That would give the UK that hoped-for trade deal with America – within a trading bloc wielding considerable power on the global stage.”
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