- Leaving the EU has allowed us to develop an independent trade policy and forge closer economic and diplomatic ties with the world’s fastest growing economies.
- We have now signed our biggest trade deal since Brexit – becoming the first European country to join the CPTPP bloc, worth £12 trillion and 15 per cent of global GDP. With 500 million people across CPTPP countries, this trading opportunity will boost investment and support thousands of UK jobs.
Burnley and Padiham’s MP is welcoming a big boost for businesses as the UK formally signs its biggest trade deal since Brexit. The agreement to join the CPTPP will see the UK become the first European nation to join the economic bloc which accounts for over £9 trillion of world GDP or 13% of current global trade.
Consisting of 11 countries, the CPTPP is one of the largest free trade areas in the world, accounting for over £9 trillion of world GDP or 13% of global trade.
Commenting Antony Higginbotham MP said:
This is massive. The UK is now part of the CPTPP trade group giving us tariff free access to economies worth £11 trillion.
It's great news for Burnley and Padiham's businesses as it will provide some amazing opportunities to expand our export markets. Not just in the here and now but well into the future too. This grouping of countries is growing faster and more sustainably than any other grouping in the world and so this deal is reflective of where global opportunities are going to be.
Our future has to be global and this step is a huge leap in that direction. Probably the biggest benefit of a post Brexit Britain is our ability to strike our own trade deals. And so tariff free access to some of the fastest growing economies in the world -without giving up the ability to make our own laws is brilliant!
The world is crying out for "Made in Britain" and this deal will enable more of that!
Britain is the first new member to join the bloc - comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam - since its formation in 2018.
Unlike the European Union the CPTPP is purely about trade and involves no political union. The deal which sees the UK aligned withsome of the fastest-growing economies on the planet will already support 827 local businesses and 36,029 jobs in the North West, helping to grow the economy.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting the UK’s membership of a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year. The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
Business and Trade Secretary Kemi Badenoch said:
I’m delighted to be here in New Zealand to sign a deal that will be a big boost for British businesses and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people.
This is the fastest growing region. The Asia Pacific is going to be responsible for at least 50% of global growth that we're expecting between now and 2035.
We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country.
