Britain signs deal to join £12 trillion Indo-Pacific trade bloc
Britain’s Kemi Badenoch, the business and trade secretary, formally signed a treaty confirming accession to the vast Indo-Pacific CPTPP bloc.
Signed Sunday in New Zealand, the deal will now receive parliamentary scrutiny in the U.K.
Signed Sunday in New Zealand, the deal will now receive parliamentary scrutiny in the U.K., while other CPTPP nations will also complete their own legislative processes.
More than 99% of the current U.K. goods that are exported to CPTPP countries will soon be eligible for zero tariffs, the U.K. government said.
The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership includes Canada, Mexico, Japan, Australia, Vietnam, Singapore and Malaysia, among others.
The U.K. would be the first European nation to join the bloc, which the government says would unlock trade to a region with a total GDP of £12 trillion
Based on the government’s own estimates, the deal will raise long-term domestic GDP by just 0.08%, which will have little impact to offset European trade losses as a result of Brexit.
One in every 100 workers in Britain was employed by a business headquartered in a CPTPP nation, according to the government citing 2019 data.
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