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Webinar: UKABC Roundtable with The Rt Hon Greg Hands MP, Minister of State for Trade Policy, DIT

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The UK-ASEAN Business Council is delighted to host The Rt Hon Greg Hands MP, Minister of State for Trade Policy at the Department for International Trade to a conversation with our partners. The Roundtable will discuss the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and what it means for UK businesses operating in Southeast Asia.

The CPTPP is one of the largest free trade areas in the world, accounting for 13% of global GDP in 2019, almost £9 trillion. With the UK’s accession that would rise to 16% or £11 trillion. Accession would also mean that 99.9% of UK exports would be eligible for tariff-free trade with CPTPP members.

While the current opportunities are clear, the region’s growth trajectory offers an even larger market for UK companies. By 2030, over 65% of the world’s 5.4 billion middle-class consumers are expected to be in Asia. Over 25% of global import demand for meat products will be in CPTPP countries. In addition, the CPTPP is expected to grow with the Philippines, Thailand, Taiwan, and the Republic of Korea have all expressed an interest in joining. If the US were to once again consider joining it would be a significant boost to bilateral trade with the US.

The UK’s accession would be a fillip for the healthcare technology sector and digital trade broadly as the agreement boasts modern rules on digital trade allowing the UK’s flourishing tech sector to grow faster in CPTPP countries. The agreement will also be in line with the UK’s ambitions in services and digital trade and tie it in with some of the world’s most progressive economies.

The CPTPP members are Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

This event is for UKABC board members and partners. To find out more about partnership opportunities contact ken.wells@ukabc.org.uk

Areas of discussion

  • What are the opportunities for UK business with the CPTPP?
  • Will the US, China and other ASEAN Member States join the agreement?
  • How does the CPTPP work with existing bilateral free trade agreements?
  • How will the healthcare sector and digital trade benefit from CPTPP?

Programme

14.00 Welcome remarks

• Baroness Neville-Rolfe DBE CMG, Chair, UK-ASEAN Business Council

14.05 Partner conversation

• The Rt Hon Greg Hands MP Minister of State for Trade Policy, Department for International Trade

Chaired by Baroness Neville-Rolfe DBE CMG, Chair, UK-ASEAN Business Council

15.00 Roundtable concludes

Biography

The Rt Hon Greg Hands MP, Minister of State for Trade Policy Greg Hands was appointed Minister of State for Trade Policy in the Department for International Trade (DIT) on 13 February 2020 and is the Ministerial lead for the ASEAN Economic Community.

He was previously Minister of State in the Department for International Trade from 2016 to 2018. He was elected the Conservative MP for Hammersmith and Fulham in 2005, and for Chelsea and Fulham in 2010.

Education

Greg was educated at a variety of state schools in the UK and the USA, but principally at Dr Challoner’s Grammar School, Amersham, before going on to study Modern History at Cambridge University, including time spent in the modern languages and oriental studies faculties graduating with first-class honours.

Political career

Greg Hands has been a government minister since October 2011. He served first as the Treasury Whip, 2011 to 2013, and then as Government Deputy Chief Whip and Treasurer of Her Majesty’s Household, 2013 to 2015. Following the May 2015 General Election, Greg Hands attended Cabinet as Chief Secretary to the Treasury under the then Chancellor of the Exchequer, George Osborne.

Greg served as a Local Councillor in Fulham, 1998 to 2006. He was elected Conservative MP for Hammersmith and Fulham in 2005, the MP for the redrawn Chelsea and Fulham constituency in 2010 and again in 2015.

Career outside politics

Greg spent 8 years working on trading floors in London and New York trading and marketing fixed income derivatives.

Further reading

UK approach to joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The UK’s strategic approach for negotiations to join CPTPP. Gov.UK

DIT’s Top Ten Benefits of Trans-Pacific Partnership.  

UK wants to join the club – but what is the CPTPP? BBC News

United Kingdom: Negotiations are underway for the UK’s accession to the CPTPP. Baker McKenzie

UK aims to gain TPP entry in 2022: trade secretary. Nikkei Asia

Minister of State for Trade Policy Greg Hands on how the UK can contribute to the CPTPP. Minister Hands TV Interview with Singapore’s Channel News Asia

UK applies to Pacific trade pact. HSBC

Borderless Business ASEAN trade corridors. Standard Chartered Bank

Read More

External links:

Find out more on CPTPP

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