In the News – Galvin Round Up
The government is forced to deliver a Brexit plan B, a new trade agreement slashes tariffs in the Pacific, and China and the US move towards a trade war resolution – find out more with your international perspective on some recent headlines.
Grieve Amendment Requires Brexit Plan B from PM
A defeat for the government in the Commons meant that the Grieve amendment, which requires the Prime Minster to outline her Brexit plan B if her proposed deal is voted down, has now been passed.
The PM brings her plan before Parliament on the 15th of January. If defeated, she will have three days to announce her alternative plan to the Commons. However, Downing Street has insisted that, if the government’s plan is defeated, the debate over a plan B would last for just 90 minutes, and allow for only one amendment. Labour have also announced that they will table a vote of no-confidence in the government if the deal fails to pass.
Free Trade Agreement Slashes Pacific Trade Tariffs
From the beginning of 2019, 11 Pacific countries introduced the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Most notable among the agreement’s measures is the elimination of 95% of tariffs on goods trade between the 11 countries, which include Canada, Japan, Australia, Malaysia and Vietnam.
Observers consider CPTPP to be one of the most progressive free trade agreements currently in existence, due to its provisions for trade in services, digital trade and e-commerce. The Department for International Trade has been exploring the possibility of the UK joining CPTPP in the future, after Japanese Prime Minister Shinzo Abe suggested that the UK would be welcomed ‘with open arms.’
China and the US Lay the Ground for a Trade War Solution
Negotiations between China and the US held in Beijing ended this week with China saying that the talks had ‘laid the foundations’ to resolve the ongoing dispute between the two countries.
Although no deal was arranged, this development is cause for optimism – President Trump had previously stated that the temporary truce between the two countries will only last until March, at which time he intends to impose more tariffs.
The Galvin News Round-Up
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