Why should a country chose to sacrifice sovereignty to a group of countries literally across the other side of the world
I see that Liz Truss has anticipated your question;
Speech Global Britain and the CPTPP
Published 3 July 2020
This to me is about strengthening the group of countries that believe in free trade but also believe in the rules-based global system.
It’s important that we make sure we gain and keep the support of the British public for those trade deals we’re looking to strike. They must benefit British jobs, families and businesses.
We won’t compromise on our high food standards and they must share wealth across our country as part of our levelling up agenda.
I also think it’s important to recognise these benefits we could gain by joining CPTPP that wouldn’t have been able to access as a member of the European Union. We would be able to accede to this agreement in ways that doesn’t damage our national sovereignty.
There is no ECJ and there is no harmonisation of domestic regulation and there is no seizing of our sovereign power. What is allows us to do is to be part of a modern, rules-based free trade area.
It enables us to sign up to advanced digital provisions. In effect, become part of a digital free trade area and I think that is incredibly important for the UK.
We are third in the world in terms of the number of our billion dollar tech companies, after the US and China. It is a real comparative advantage for us.
The fact is that services and digital trade, we haven’t seen the progress that we should have done at the World Trade Organisation.
The rule book was invented in 1995 before this trade was fully developed and it hasn’t yet moved forward sufficiently.
I believe that by becoming part of CPTPP and by signing up to these advanced agreements in areas like services and digital, we will help push the World Trade Organisation to adopt new rules and modernise its rulebook, particularly in these types of areas.
Of course, we want to see a reformed WTO. We want to see leadership which promotes those ideas but at the same time we need to pursue the plurilateral approach to put pressure on that organisation to reform.
CPTPP is very much part of that plan.
www.gov.uk/government/speeches/global-britain-and-the-cptpp