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

Key Question Being Explored in This Insight:

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement signed in 2018 by 11 Pacific Rim countries after the US withdrew from the earlier Trans-Pacific Partnership (TPP). It reduces tariffs, improves market access, and creates unified trade rules across key sectors like digital services and food safety. In 2023, the UK became the first European member, raising the bloc’s GDP share to 15% of the global economy.

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This video describes the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement signed by 11 Pacific Rim countries in 2018, aimed at reducing tariffs and enhancing market access. The UK joined as the 12th member in 2023, becoming the first European country in the pact, which increased the bloc's GDP share to 15%. The UK's membership provides it with modest economic benefits, geopolitical advantages, access to new markets, and aligns with high trade standards while positioning for potential future expansion.

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Here are five key points from the video regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

1. **Free Trade Agreement Creation**: The CPTPP is a free trade agreement that was originally signed by 11 Pacific Rim countries in 2018, aimed at promoting tariff reduction and enhancing market access among member nations.

2. **UK's Membership**: In 2023, the UK became the 12th member of the CPTPP, marking the first time a European country has joined the agreement.

3. **Economic Impact**: The inclusion of the UK in the CPTPP is seen as a way to boost the economic block, increasing its combined GDP share to 15%.

4. **Modest Economic Benefits**: The membership offers the UK modest economic benefits, indicating that while there are advantages, they may not be substantial.

5. **Focus on Pacific Rim Nations**: The CPTPP primarily concentrates on facilitating trade between countries in the Pacific region, reflecting a strategic focus on these economies.

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Here are the key quotes extracted from your video about the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

1. "The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement originally signed by 11 Pacific Rim countries in 2018."
2. "Promoting tariff reduction and market access."
3. "The UK joined as its 12th member in 2023."
4. "Marking the PAC's first European member."
5. "Boosting the bloc's GDP share to 15%."
6. "Membership offers the UK modest economic benefits."

These quotes encapsulate the main points regarding the CPTPP, its membership, and the implications for the UK.

X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:90000

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The comprehensive and progressive agreement

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00:00:05.135 --> 00:00:06.715
for transpacific partnership.

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00:00:07.435 --> 00:00:11.755
C-P-T-P-P is a free trade agreement originally signed

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00:00:11.895 --> 00:00:14.995
by 11 Pacific Rim countries in 2018

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00:00:15.505 --> 00:00:18.395
promoting tariff reduction and market access.

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00:00:19.415 --> 00:00:23.115
The UK joined as its 12th member in 2023

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00:00:23.745 --> 00:00:26.035
marking the PAC's first European member

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00:00:26.375 --> 00:00:27.475
and boosting the blocks.

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00:00:27.755 --> 00:00:29.955
GDP share to 15%

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00:00:31.045 --> 00:00:34.115
membership offers the UK modest economic benefits,

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00:00:34.435 --> 00:00:35.875
geopolitical advantages,

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00:00:36.335 --> 00:00:40.275
and access to new markets while maintaining high trade

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00:00:40.515 --> 00:00:43.075
standards and preparing for potential expansion.

Quick Answers

UK Joins CPTPP: New Markets and Modest Gains

00:00:03 - The comprehensive and progressive agreement for transpacific partnership. C-P-T-P-P is a free trade agreement originally signed by 11 Pacific Rim countries in 2018 promoting tariff reduction and market access. The UK joined as its 12th member in 2023 marking the PAC's first European member and boosting the blocks. GDP share to 15% membership offers the UK modest economic benefits,

00:00:40 - and access to new markets while maintaining high trade standards and preparing for potential expansion.

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