CPTPP accession a seismic geo-economic event, says IEA expert
29 March 2023
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Government and Institutions
Fraud Focus quoted in The Times of Scotland
29 March 2023
In the Media
Shanker Singham quoted in The Daily Mail
29 March 2023
Tax and Fiscal Policy
19 November 2024
Commenting on reports that the UK will shortly join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Shanker Singham, International Trade and Competition Fellow at free market think tank the Institute of Economic Affairs and former trade advisor to the Secretary of State for International Trade said:
“UK accession to the CPTPP would be a seismic geo-economic event. For the first time, a major G7 country has chosen to accede to a regional grouping not because it is part of that region but because it represents liberal values and provides economic opportunities.
“If the UK succeeds in acceding to the CPTPP, it becomes much more than just a regional agreement; it becomes a real challenge to the outdated WTO system and could encourage that system to embrace reform. CPTPP+UK has the equivalent economic weight to the EU-28-UK. If UK accession accelerates the possibility of the US rejoining the CPTPP, it would become a grouping spanning around half of the global economy.
“The CPTPP is also a bulwark against Chinese market distortions destabilising the world and provides a platform where like-minded liberal nations can agree united and innovative approaches to these anti-competitive market distortions.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
“UK accession to the CPTPP would be a seismic geo-economic event. For the first time, a major G7 country has chosen to accede to a regional grouping not because it is part of that region but because it represents liberal values and provides economic opportunities.
“If the UK succeeds in acceding to the CPTPP, it becomes much more than just a regional agreement; it becomes a real challenge to the outdated WTO system and could encourage that system to embrace reform. CPTPP+UK has the equivalent economic weight to the EU-28-UK. If UK accession accelerates the possibility of the US rejoining the CPTPP, it would become a grouping spanning around half of the global economy.
“The CPTPP is also a bulwark against Chinese market distortions destabilising the world and provides a platform where like-minded liberal nations can agree united and innovative approaches to these anti-competitive market distortions.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.
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