The WTO only allows regional groups of nations to form free trade areas so how, you might think, can the UK join the CPTPP? Because the mighty Pitcairn Islands (pop 47) are in the Pacific, I am serious.
This was very handy but also a good measure of the worth of the CPTPP to the UK because the latest work by the Office for Budget Responsibility has found that the Pacific trade deal is worth just 0.04% of economic growth to the UK over 15 years or 0.0026% a year, happy days.
That is half the level claimed by the government, which was already a pathetic amount but which didn’t stop ministers claiming it all made Brexit worthwhile. The OBR still sticks with its calculation that Brexit will cost the UK 4% of GDP, even after taking account of the CPTPP and any other post Brexit trade deals.
To be honest we are being hoodwinked and played for fools. The Brexiteer lies and fantasies bear no relation to reality at all.
But thank god we hung on to the mighty Pitcairns.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media
It's fine, because Fletcher Christian settled there!
No. The WTO (Article XXIV for goods; Article V of GATS for services) doesn't mention 'regions'. It regulates 'customs unions' and 'free trade areas'. These can be any group of countries, provided they meet the rules on what is covered (not clear that CPTPP does, but many groups don't) and are formally notified to the WTO. There may be CPTPP rules about eligibility.