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 Business, Energy and Industrial Strategy said the deal, which is worth £9trillion, is “certainly the biggest trade bloc we’ve entered since we joined the European Economic Community”. Ms Badenoch described the 11-country agreement as a deal for the “future”, saying it will “open up our economy to where the new global growth is coming from”.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a deal which spans 11 countries across the Indo-Pacific.
The UK has been in talks with CPTPP countries for two years.
Announcing its agreement last night, a spokesperson for the Department for Trade said the UK “would not have been able to join as a member of the EU, demonstrating how the UK is seizing the opportunities of our new post-Brexit trade freedoms to drive 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 spokesperson said.
According to Government figures, joining the bloc will boost the UK economy by £1.8 billion in the long run, with wages also forecast to rise by £800million compared to 2019 levels.
When asked how significant the deal is, Ms Badenoch told Times Radio: “Very, very significant and I’m very excited about it. It may not sound like that because I’m talking after four hours of sleep but it is one of the biggest trade deals we’ve ever done.
“It’s certainly the biggest trade bloc we’ve entered since we joined 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 CPTPP region countries’ total GDP is about £9trillion, about 500 million people.
“It’s where the new middle class will be coming from in the future. And now we’re going to have a closer trading relationship with them.”
She added: “This is not a deal about tomorrow. It’s a deal about the future.”
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