The UK’s announcement that it is applying to join the huge Pacific free trade area is a boost for the people of the Isle of Man. It would cut taxes for both Manx consumers and Manx businesses, and in doing so, improve the quality of life for the people of Mann.
“Joining the CPTPP would be good for the people of Mann. The Isle of Man Government should support the UK’s efforts, and fight to ensure Manx service industries benefit from membership,” said Michael Josem, on behalf of the Manx Taxpayers’ Alliance.
The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is a £9 trillion area which includes a number of major economies including Australia, Canada, Japan, Malaysia, and Mexico, amongst others.
Joining the CPTPP would mean lower taxes on Manx buyers who buy from those countries, and lower taxes on products sold by Manx sellers into those countries. This would improve the competitiveness of Manx businesses, lower the cost of living for Manx people, and improve our lives.
If the UK and Isle of Man join the £9 trillion partnership, we can expect lower tariffs for Manx industries including food, drink, and high-tech manufacturing. It will also create new opportunities for world-leading Manx service industries.
Across in the UK, Mike Cherry, the Chair of the UK’s Federation of Small Businesses (FSB), “Membership of the CPTPP would be a hugely welcome development to all small businesses looking to either expand or begin their trading journeys. Crucially, at the very heart of this agreement is an SME chapter, something that we have lobbied for the inclusion of in every FTA, ensuring that no business is left behind. This is truly a world-leading agreement and one that will genuinely help small firms to thrive and succeed more than ever.”
“Joining the CPTPP would be similarly beneficial for Manx small businesses, and the Manx Government should fight for the interests of Manx businesses and citizens in ensuring that we benefit from this agreement,” said Josem.
Key benefits to the Isle of Man:
- Position the Isle of Man at the heart of some of the world’s fastest-growing economies
- Increase investment, creating high value jobs in the Isle of Man
- Help the world build a better global trading system