Part 3/9:
Despite intentions, the agreement lost momentum when President Trump withdrew the US from negotiations a mere three days after taking office. However, Japan and the remaining parties persisted with the CPTPP. The agreement is crafted to enhance trade through the harmonization of regulations and reduction of tariffs, effectively implementing near-zero tariffs between its members while also addressing labor rights, environmental protections, and the treatment of state-owned enterprises.
The UK's entry into CPTPP, initially sought in early 2021 under Boris Johnson’s government, illustrates an effort to leverage Brexit-related freedoms. Even though projections suggest that joining the CPTPP could barely increase UK's GDP by 0.1%, it signifies a broader strategy to regain global trading status.