CPTPP membership will boost British producers and consumers
31 March 2023
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Economics
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Energy and Environment
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Commenting on the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Mark Littlewood, Director General at free market think tank the Institute of Economic Affairs said:
“Joining this trade bloc is a momentous economic and strategic moment. Membership places Britain in a group of nations powering the world’s future prosperity. This partnership serves as an important bulwark of free exchange at a time when protectionism and trade wars are on the rise across the globe.
“Accession opens up markets for British companies by cutting tariffs for exporters like the Scottish whisky industry, slashing red tape for trade in services and enabling greater data flows for digital trade. It also means cheaper imports for British consumers, including fruit from Peru and confectionary from Mexico.
“The benefits to Britain will likely be significantly greater than some official estimates driven by static economic models.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
Plan A+, published by the IEA in 2018 discussed the possibility of the UK joining the CPTPP: https://iea.org.uk/publications/plan-a-creating-a-prosperous-post-brexit-uk/
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.
“Joining this trade bloc is a momentous economic and strategic moment. Membership places Britain in a group of nations powering the world’s future prosperity. This partnership serves as an important bulwark of free exchange at a time when protectionism and trade wars are on the rise across the globe.
“Accession opens up markets for British companies by cutting tariffs for exporters like the Scottish whisky industry, slashing red tape for trade in services and enabling greater data flows for digital trade. It also means cheaper imports for British consumers, including fruit from Peru and confectionary from Mexico.
“The benefits to Britain will likely be significantly greater than some official estimates driven by static economic models.”
ENDS
Notes to Editors
CONTACT: media@iea.org.uk / 07763 365520
Plan A+, published by the IEA in 2018 discussed the possibility of the UK joining the CPTPP: https://iea.org.uk/publications/plan-a-creating-a-prosperous-post-brexit-uk/
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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