Ordinarily, any movement in market opening arrangements such as trade deals – which tend to be glacial in the best of times – are to be welcomed.
Post-Brexit United Kingdom’s entry in April into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is, therefore, a milestone, especially as it is the first expansion of the free trade bloc since its founding as an 11-nation body in 2018. CPTPP’s combined gross domestic product expands to an estimated US$14.8 trillion (S$19.6 trillion) from US$11.7 trillion with the addition of its 12th member.
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