The Government has today struck the largest trade deal since leaving the European Union to have the UK join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a vast free trade area of 11 countries spanning the Indo-Pacific region.
The historic agreement puts the UK at the heart of a dynamic group of economies with a combined GDP of over £11 trillion. It is the first European member, and the first new member since CPTPP was created. We would not have been able to join as a member of the EU, demonstrating how we are 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% of global GDP once the UK joins. It is estimated that joining will boost the UK economy by £1.8 billion in the long run, with wages also forecast to rise by £800 million compared to 2019 levels.
Being part of CPTPP will support jobs and economic growth across the country, with every nation and region expected to benefit. More than 99 percent of UK goods exports to CPTPP countries will now be eligible for zero tariffs, including key UK exports such as cheese, cars, chocolate, machinery, gin, and whisky.
Total UK exports to CPTPP countries were already worth £60.5 billion in the 12 months to the end of September 2022 and are set to grow under CPTPP. Our leading services industry will also benefit from reduced red tape and greater access to growing Pacific markets with an appetite for high-quality UK products and services.
The agreement struck by the Government protects the UK’s vital industries and entities, including agriculture and the National Health Service, and upholds our high animal welfare and food safety standards.
Further information on the UK’s agreement to join the CPTPP can be found here: https://www.gov.uk/government/collections/the-uk-and-the-comprehensive-and-progressive-agreement-for-trans-pacific-partnershipcptpp
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