£12 trillion BREXIT trade boost with the equivalent of 0.08% UK GDP..
Britain has joined The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with Business and Trade Secretary Kemi Badenoch signing on the dotted line on Sunday.
The pact prizes open new markets for UK producers to export cars, textiles, whisky, cheese, beef, lamb and other goods.
‘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.’
The Government will now seek to ratify the agreement, which will include scrutiny by Parliament, while other CPTPP countries complete their own legislative processes to confirm the UK’s accession.
Her officials underlined the relevance of the deal despite the distance from the UK by pointing out that one in every 100 workers here was employed by a business headquartered in a CPTPP member nation in 2019 – equivalent to over 400,000 jobs across the country.
Mrs 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.
The CPTPP agreement might also result in cheaper imports of clothing, electronics, coffee and kiwi fruits.
Kemi Badenoch, 43, has touted the deal as the “clearest demonstration” yet of Britain’s freedom outside of the EU, as she claimed Britain would be sat on the “top table” of the Indo-Pacific group.
