The United Kingdom has formally signed the treaty to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Composed of twelve countries, by becoming a new member of this vast Indo-Pacific trade group, this is a big boost for business as the UK signs its biggest trade deal since Brexit.
With this signing, a new Government report shows the importance of establishing global Britain, as one in every 100 workers in the UK is employed by a business headquartered in a CPTPP member nation, equating to over 400,000 jobs across the country. The report found CPTPP investment accounted for:
- Over £240 billion in turnover in London, £35 billion in the South East and £18 billion in the East of England
- The creation of 26,000 jobs in 2021 and 2022
- 75% of all employment in CPTPP-owned businesses was outside of London
- One in 50 jobs in the North East
- One in every 25 jobs in the manufacturing sector
The UK will be the first European member, and the first new member since the CPTPP was created in 2018. This would have not been possible if the UK was still part of the EU. By leaving, the UK is able to develop an independent trade policy and forge closer economic and diplomatic ties with the world’s fastest growing economies.
Commenting, Leo Docherty MP said:
"This deal is good news for the UK economy, representing our largest trade deal forged since leaving the EU. By joining the CPTPP, this opens up trade to a new market with a population of over 500 million people and economies worth over £12 trillion.
"Here in the Aldershot constituency and across the South East, this deal will support over 60,000 jobs and 15,000 businesses."
Business and Trade Secretary Kemi Badenoch MP 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 ofjobs CPTPP-owned businesses already support up and down the country.”