The agreement is also of much broader strategic importance. It paves a clear path to membership of the Comprehensive Trans-Pacific Partnership – which will provide new opportunities for the UK economy and strengthen our economic security – and strengthen links with a like-minded democracy, an important ally and a key investor in the UK. The UK has officially signed an economic partnership agreement with Japan, which marks a historic moment, as the UK`s first major trade agreement as an independent trading nation and offers a glimpse into Global Britain`s potential. In a joint statement, RCEP leaders said the signing of the agreement „shows our strong commitment to supporting the economic recovery“ following the pandemic downturn, with job creation and „open.“ – including rules-based sere) trade and investment. Fifteen nations in the Asia-Pacific region have concluded the world`s largest free trade agreement, which they hope will accelerate the recovery of their economies devastated by the coronavirus pandemic. Trade expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: „Britain and Singapore are historic trading partners and the free trade agreement means a bond for countries to maintain the status quo after Brexit by maintaining the same trading conditions before Brexit. In addition, countries are also working on a digital economy agreement that will create the conditions for the next-generation free trade agreement, which will focus on areas of the digital economy that are important to both countries. These, in turn, send a signal to industry and to Asian countries where Singapore is considered a pioneer. The two countries also agreed to negotiate a Digital Economy Agreement (DEA) in 2021 to define „modern rules for digital trade and financial services between Europe and Southeast Asia.“ It is reported that the DEA will be the first such agreement of Singapore with a European country. The agreement, the Comprehensive Regional Economic Partnership (R.C.E.P., is limited in scope. Yet it has considerable symbolic weight. The pact covers more humanity – 2.2 billion people – than any previous regional free trade agreement, and could help consolidate China`s image as the dominant economic power in its neighborhood. Sign up for our ICIS newsletters to get the latest market developments, headline news and chemical price changes and their impact on markets.
Free Market Updates The agreement also includes a strong commitment from Japan to support the UK`s membership of the Trans-Pacific Partnership (TPP), one of the world`s largest free trade zones, covering 13% of the world economy and more than $110 billion in trade in 2019. in which our two like-minded democracies will work together when the United Kingdom assumes the presidency of the G7, where we commit to free trade. The agreement removes tariffs and allows both countries access to the other country`s services markets. The signing of the UK`s first independent trade agreement is an important milestone for our economy and will be welcomed by businesses in many sectors. „The implementation of this agreement will help ensure open markets and an uninterrupted supply chain,“ he said. „It is essential that partners like China, when they enter into new agreements like this, not only provide the details of such agreements, but act faithfully to their minds,“ Birmingham told The Age newspaper.