- The UK’s exit from the EU has allowed it to develop an independent trade policy and forge closer economic and diplomatic ties with the world’s fastest growing economies.
- The UK Government has successfully negotiated Britain’s entry into the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) which is worth £12 trillion and represents 15 per cent of global GDP. With 500 million people across CPTPP countries, this is a big commercial opportunity for UK businesses to access high-growth economies.
- This free trade agreement is the biggest since the EU-UK Trade and Cooperation Agreement which was signed in 2020 following Brexit.
Stephen Metcalfe welcomes a big boost for businesses in South Basildon and East Thurrock as the UK enters the CPTPP free trade zone. In the East of England, 716 businesses are owned by a company based in the CPTPP free trade zone – these businesses support 34,025 local jobs.
CPTPP countries include Australia, New Zealand, Japan, Canada, Malaysia, Brunei, Singapore, Vietnam, Chile, Mexico and Peru.
Business and Trade Secretary, Kemi Badenoch, formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday which kickstarted the UK’s membership of one of the most high-growth economic zones in the world.
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 in Parliament, whilst other CPTPP countries complete their own legislative processes.
The UK’s signing of the CPTPP comes as a new Government report reveals 1 in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019 – equating to over 400,000 jobs across the country.
Membership of the free trade zone is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
Stephen Metcalfe, MP for South Basildon and East Thurrock, said:
“Brexit has allowed us to strike free trade agreements with countries around the world and create stronger economic ties with some of the world’s fastest growing economies.
Joining the CPTPP is our biggest free trade agreement since the EU-UK Trade and Cooperation Agreement in 2020 and it is a big commercial opportunity for British businesses to freely access some of the world’s fastest growing economies in Asia and the Pacific.
The Conservative Government is unlocking the opportunities of Brexit for businesses and consumers.”
The 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.
“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.”
