Kemi Badenoch heralded the UK’s entry into CPTPP, saying it is one of the “biggest trade deals we’ve ever done”. The Secretary of State for Trade, Energy and Industrial Strategy said the deal, worth £9 trillion, was “certainly the largest trade bloc we’ve come into since joining the European Economic Community”. Ms Badenoch described the 11-country deal as a deal for the “future” and said it will “open up our economy to where the new global growth is coming from”.
The Comprehensive and Progressive Trans-Pacific Partnership Agreement is an agreement that covers 11 countries in the Indo-Pacific.
The UK has been in talks with CPTPP countries for two years.
A spokesman for the Department of Trade announced his agreement last night, saying the UK “would not have been able to join as a member of the EU, which shows how the UK is grasping the opportunities of our new position”.Brexit trade freedoms to boost jobs and growth across the country.”
The bloc is home to more than 500 million people and will be worth 15 percent of global GDP once the UK joins, the spokesman said.
Government figures say joining the bloc will boost the UK economy by £1.8bn over the long term, with wages also expected to rise by £800m compared to 2019 levels.
Asked how important the deal is, Ms Badenoch told Times Radio: “Very, very important and I’m very excited about it. It may not sound like it, because I’m talking after four hours of sleep, but it’s one of the biggest trade agreements we’ve ever made.
“It’s certainly the biggest trading bloc we’ve gotten into since joining the European Economic Community and what it’s going to do is open up our economy to where the new global growth is coming from.
“The total GDP of the countries in the CPTPP region is about £9 trillion, about 500 million people.
“It’s where the new middle class will come from in the future. And now we’re going to have a closer trading relationship with them.”
She added: “This isn’t a deal about tomorrow. It’s a deal about the future.”
Prime Minister Rishi Sunak said of the deal: “We are an open and free trade country at heart, and this deal demonstrates the real economic benefits of our post-Brexit freedoms.
“As part of CPTPP, the UK is now in an excellent position in the global economy to seize opportunities for new jobs, growth and innovation.
“Joining the CPTPP trade bloc puts the UK at the center of a dynamic and growing group of Pacific economies, as the first new nation and the first European country to join.
“British companies will now have unparalleled access to markets from Europe to the South Pacific.”
But the deal has also been criticized, with Caroline Lucas – a member of the UK Trade and Business Commission – saying the deal “makes a mockery of our climate commitments”.
The MP said: “When it comes to trade, distance is important. Not only will joining this bloc fail to replace the trade we have lost with our nearest neighbours, stretching supply chains makes a mockery of our climate commitments and will damage the environment – and food standards in the UK.”