UK is applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – or CPTPP.
Since last year, UK’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – or CPTPP- has been generating momentum. The British Government hope to have 80% of UK trade covered by FTAs by 2022.
At a Policy Exchange Event held last July 2020, Singapore’s Trade and Industry Minister Chan Chun Sing explicitly advised the UK to use bilateral deals with key CPTPP members as “building blocks” to generate “momentum” towards CPTPP.
Will the US rejoin the pact?
There is a good chance that US President Joe Biden would want the US back in the TPP (as it originally was) although it would be a domestic challenge to do so. Biden had backed the TPP as Obama’s vice president.
In its original form, the TPP would have put around 40% of the world economy on the side of the U.S. — compared with China’s share of 18% or 20% of global GDP, said Graham Allison, Harvard University’s Douglas Dillon professor of government when he spoke on CNBC’s “Squawk Box Asia” last November.
“If it’s simply a matter of geopolitics, the U.S. would do it in a heartbeat,” he said then.
Biden had told think tank, Council on Foreign Relations, that the “TPP wasn’t perfect but the idea behind it was a good one: to unite countries around high standards for workers, the environment, intellectual property, and transparency, and use our collective weight to curb China’s excesses.”