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Thread by @ottocrat: "There are 11 countries in the Trans-Pacific Partnership ( ): Japan, Australia, New Zealand, Canada, Mexico, Peru, Chile, Vietnam, Singapo […]" #TPP

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There are 11 countries in the Trans-Pacific Partnership (#TPP): Japan, Australia, New Zealand, Canada, Mexico, Peru, Chile, Vietnam, Singapore, Malaysia, & Brunei. The US pulled out of the TPP in January 2017. 1/
The EU already has trade agreements in place with 5 out of the 11 #TPP members: Canada, Chile, Mexico, Singapore, & Peru. 2/

ec.europa.eu/trade/policy/c…
The EU is negotiating agreements with Japan, Vietnam, Malaysia (and Brunei through ASEAN), will soon launch negotiations with Australia & New Zealand, and is updating its existing agreements with Mexico, Chile, & Peru to go beyond the #TPP. 3/

trade.ec.europa.eu/doclib/docs/20…
So by leaving the EU, the UK will be walking away from FTAs with all 11 #TPP members. 4/
Starting again from scratch with #TPP members will take the UK several years before it can hope to be even close to what it already has as an EU member. 5/

europarl.europa.eu/RegData/etudes…
Negotiating from a position of relative weakness, the UK is very unlikely to secure terms as favourable as it already has with #TPP countries as an EU member; meanwhile the EU is on track to conclude FTAs which go well beyond the #TPP in terms of ambition. 6/
The closest point in the Pacific Ocean to the UK is around 4,500 miles away. The closest point in the EU to the UK is, er, 0 miles away. 7/
"There is very little that economists fully understand about global trade but there is one thing that we do know: commerce declines dramatically with distance." (Leamer, 2007) economics-ejournal.org/economics/disc… 8/8
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