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UK joins huge free trade bloc in Indo-Pacific. Sunak formally announces CPTPP deal – market of 580m consumers and GDP of £11 trillion:
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Re: We Join Huge Trading Block Bigger Than Europe?
The government said the deal, which will cut tariffs on exports of food, drink and cars, would generate £1.8bn of extra income once it had been up and running for 10 years, which is about 0.08% of the UK’s annual gross national product (GDP).
Unions condemned clauses in the deal that will allow large companies to sue the UK government behind closed doors if they believe their profits have suffered from changes to laws or regulations.
The TUC’s general secretary, Paul Nowak, said: “This deal allows multinational corporations to sue the UK government in secret courts for introducing policies which threaten their profits – this could include an increase in the minimum wage or bringing energy companies back into public ownership.”
Nowak said the deal would sanction the exploitation of workers in Vietnam and Brunei “where independent unions are banned, and Malaysia where migrant workers are subject to forced labour”.
Hard to see how this justifies the fanfare from Kemi Badenoch and Sunak.
Finally got some sort of deal that will probably be signed off at the end of 2023. But 0.08% of GDP after 10 years? And a raft of clauses that allow foreign companies to sue the UK government if their profits are hit by any UK legislative changes? One of the reasons the EU pulled out of negotiations with the CPTPP bloc. Although it appears to make any future trade deals between the UK and EU (the big one!) less likely, so a win for Brexit ultras! -
Re: We Join Huge Trading Block Bigger Than Europe?
It actually is beyond words, that the people celebrating joining this trading bloc on the other side of the world are by and large, the people who don't want to be part of the EU.
Literally staggering.Comment
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Re: We Join Huge Trading Block Bigger Than Europe?
The reason for cheering is largely because it is with parts of the world that are rapidly growing.
It remains to be seen how valuable it actually is in the long term.
As for the cause for celebration; most people favour free trade deals generally. The problem with the EU is that it imposed a lot of political controls too. Remove them and generally people are happyComment
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Re: We Join Huge Trading Block Bigger Than Europe?
Political controls like insisting on employment rights and environmental (and animal welfare) standards?Originally posted by JamesWales View Post
Got it.Comment
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Re: We Join Huge Trading Block Bigger Than Europe?
No, like preventing elected national governments from pursuing policies they may wish to achieve limiting levels of state support etc.Originally posted by jon1959 View Post
The UK massively exceeded (and exceeds) EU employment rights, always did. The EU raised them in many post communist countries and it's a fair standard to impose but it was a pretty low bar.
I think the post Brexit agricultural subsidies are better for the environment too.
Either way, that's where we are Jon. There is no reason for you not to continue to push for workers rights to the government. Sounds like a good use of time to me! 👍Comment
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Re: We Join Huge Trading Block Bigger Than Europe?
I wonder if all those multinational corporations are WEF members?Originally posted by jon1959 View PostThe government said the deal, which will cut tariffs on exports of food, drink and cars, would generate £1.8bn of extra income once it had been up and running for 10 years, which is about 0.08% of the UK’s annual gross national product (GDP).
Unions condemned clauses in the deal that will allow large companies to sue the UK government behind closed doors if they believe their profits have suffered from changes to laws or regulations.
The TUC’s general secretary, Paul Nowak, said: “This deal allows multinational corporations to sue the UK government in secret courts for introducing policies which threaten their profits – this could include an increase in the minimum wage or bringing energy companies back into public ownership.”
Nowak said the deal would sanction the exploitation of workers in Vietnam and Brunei “where independent unions are banned, and Malaysia where migrant workers are subject to forced labour”.
Hard to see how this justifies the fanfare from Kemi Badenoch and Sunak.
Finally got some sort of deal that will probably be signed off at the end of 2023. But 0.08% of GDP after 10 years? And a raft of clauses that allow foreign companies to sue the UK government if their profits are hit by any UK legislative changes? One of the reasons the EU pulled out of negotiations with the CPTPP bloc. Although it appears to make any future trade deals between the UK and EU (the big one!) less likely, so a win for Brexit ultras!Comment
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