Britain might join CPTPP trade deal. What are the chances?
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also known as the CPTPP trade deal, was in the spotlight today. Some analysts expect the United Kingdom to join the deal. They are currently contemplating the benefits and drawbacks of such a decision. Since Brexit, Britain has been trying to build and strengthen global trade ties. The country left the European Union as its government saw more benefits by standing independently. But it must still establish robust trading relationships with other countries to bolster the economy.
CPTPP will soon announce whether the U.K. will become its member or not. The board is discussing the matter, and it will likely decide shortly. Britain first approached the board to ask for membership in June 2021. The partnership unites countries that are somewhat distant geographically but have fast-growing economies.
Thus far, the group members are Japan, Australia, New Zealand, Canada, Mexico, Peru, Brunei, Chile, Singapore, Malaysia, and Vietnam. If the board agrees, Britain will join them. The latter currently has bilateral trade deals with several of these countries. But if the U.K. becomes a member, a new deal will supplement existing ones. In addition, the country will be able to cut tariffs on goods and reduce barriers to digital trade and various services. There is a strong chance of Britain receiving a positive answer.
Sergio Ermotti returns as UBS Group’s CEO. Why’s that?
UBS Group announced on Wednesday that its former CEO, Sergio Ermotti, would retake the post for a while. He will ensure that the bank’s serious undertaking will face serious problems. UBS took over Credit Suisse recently. This move surprised markets. The Swiss banker was struggling to overcome the financial crisis when UBS swooped on and purchased it.
However, now UBS Group needs to reassure its newly-acquired depositors and face the challenge of either laying off or redistributing thousands of staff.
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