Thursday, May 23, 2024
UK forwarders welcome Trans-Pacific Partnership (TPP) agreement

UK forwarders welcome Trans-Pacific Partnership (TPP) agreement

The British International Freight Association (BIFA) has given a cautious welcome to the conclusion of the Trans-Pacific Partnership (TPP) agreement.

Last week, the US, Japan, Mexico, Canada, Australia, Singapore and six other Pacific rim countries reached an agreement on the regional free-trade agreement that will cover approximately 40 per cent of the global marketplace.

The agreement includes a series of member agreements to lower tariffs, modernise their customs border clearance and ensure a level playing field for competition.

BIFA director general, Robert Keen, says: “Whilst the TPP still has to be approved by the US Senate and ratified by governments from all 12 nations, it is generally believed that the agreement will substantially accelerate the flow of goods through supply chains in a region with the world’s fastest growing economies.

“Lowering tariffs and streamlining customs clearance operations at international borders are important to facilitating international trade, in which BIFA members have a key role.

“As freight forwarders, our members recognise that liberalised trade agreements are critical to business both large and small that seek to expand their markets.”

Picture of James Graham

James Graham

James Graham is an award-winning transport media journalist with a long background in the commercial freight sector, including commercial aviation and the aviation supply chain. He was the initial Air Cargo Week journalist and retuned later for a stint as editor. He continues his association as editor of the monthly supplements. He has reported for the newspaper from global locations as well as the UK.

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