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.