Brexit Jargon explained: What is the CPTPP, and how does it impact the day to day lives of Brits

Brexit as a topic can become extremely overwhelming when trying to break down the jargon. We saw last year the challenges Brexit brought to us, in many different ways, importing and jobs being particularly hot topics.

In April 2023, you may have seen headlines about England joining the CPTPP… and well the Photo ID experts at Digital ID wanted to put it into more simpler terms.

Think of the CPTPP as a club of countries that have agreed to make trading with each other easier and cheaper. This club includes countries like Canada, Japan, and Australia.

How Does It Affect Everyday People in the UK?

In Simple Terms

Joining the CPTPP is like the UK joining a new international team. This team works together to make buying and selling things between their countries easier and cheaper. For people in the UK, it could mean a wider variety of products at better prices, more job opportunities, and stronger connections with countries across the Pacific Ocean.

Trade and Economy: Now that the UK has joined the CPTPP, it could sell more of its products and services to other countries. This might help the UK’s economy grow and create more jobs in areas like making things, tech, and services.

Shopping Benefits: People in the UK might find more kinds of products to buy, maybe at lower prices. This is because the agreement could reduce extra costs on items from countries like Japan, Canada, and Australia.

Investment: More money from other countries might come into the UK, which is good for its economy. Also, UK businesses might have new chances to invest in these other countries.

Rules and Standards: The CPTPP has rules about online business, who owns ideas, and protecting the environment and workers. If the UK follows these rules, it might change some of its own laws and ways of doing things.

Farming and Fishing: The deal could affect UK farmers and fishers. They might have new chances to sell abroad, but they’ll also face more competition from imports.

World Relationships: By joining the CPTPP, the UK wants to show it’s still a big player in the world, especially after leaving the EU.

Economic Changes Over Time: In the long run, the UK might shift its focus from mainly trading with Europe to trading with a more diverse range of countries around the world.

More Jobs: If the UK sell more products to these countries, it’ll create more jobs here in the UK. So, it could be easier to find work in companies that make things for export.

UK products Going Global: UK products, like cars or fashion, might become more common in these other countries. If you work in an industry that exports goods, this could mean more business and potentially more job security

Overall, joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) presents predominantly beneficial prospects for the UK. The anticipated increase in demand for products could potentially lead to the creation of millions of jobs. This development might mark a shift back to traditional, in-person workplaces, moving away from the currently prevalent work-from-home model.