Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

Context:

The United Kingdom formally signed a treaty to join a major Indo-Pacific bloc —‘Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP)’

About CPTPP:

The CPTPP requires countries to eliminate or significantly reduce tariffs and make strong commitments to opening services and investment markets.
Members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Singapore and Vietnam.
It laid down rules addressing competition, intellectual property rights and protections for foreign companies.
Geopolitical Significance: CPTPP is seen as a bulwark against China’s dominance in the region.
Benefit: CPTTP will cut tariffs for UK exports to Asia Pacific countries.

News Source: The Indian Express

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Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

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