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Pacific trade deal is more useful to Joe Biden than it is to the UK,s economy

  • 01. Apr 2023. 19:46
  • By The EU Times
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The Pacific trade deal is set to benefit US President Joe Biden more than it is the UK's economy, as the agreement is seen as a key way for the US and other countries to gain access to the Asian markets.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed in 2018 by 11 countries, including the UK, and is designed to reduce tariffs and other barriers to trade between the signatory countries. The deal came into force in December 2018, and the UK has since been working to establish a trade relationship with the countries involved.

However, the UK has so far been unable to strike a trade deal with the US, and the CPTPP is seen as a way to gain access to the US' vast market. The deal could potentially benefit the UK's economy by providing access to the US' large consumer base, as well as by helping to reduce tariffs and other barriers to trade.

While the UK's economy is likely to benefit from the CPTPP, the US is likely to see the greatest gains. The US is the largest economy involved in the deal, and has been seeking to expand its presence in the Asian market. The US is also likely to benefit from the CPTPP's provisions on intellectual property rights and labor standards, which could help to protect the US' market share in the region.

President Biden has said that he is committed to strengthening the US' relationship with the countries involved in the CPTPP, and the deal is expected to be signed by the US in the near future. This will give the US access to the Asian markets, and the potential to benefit from the agreement's provisions on intellectual property protection, labor standards, and other trade-related matters.

The US' participation in the CPTPP could potentially benefit the UK's economy, but it is likely to benefit the US more. The US is the largest economy involved in the deal, and will likely see the greatest gains from the agreement. The UK, on the other hand, is likely to benefit primarily from increased access to the US' market, and the potential to reduce tariffs and other barriers to trade.