- Leaving the EU has allowed us to develop an independent trade policy and forge closer economic and diplomatic ties with the world’s fastest growing economies.
- We have now signed our biggest trade deal since Brexit – becoming the first European country to join the CPTPP bloc, worth £12 trillion and 15 per cent of global GDP. With 500 million people across CPTPP countries, this trading opportunity will boost investment and support thousands of UK jobs.
- This deal will boost investment and support hundreds of thousands of jobs across our United Kingdom as we deliver on our promise to grow the economy.
Kate Kniveton MP welcomes a big boost for businesses in Burton and Uttoxeter as the UK formally signs its biggest trade deal since Brexit, supporting 677 local businesses and 28,177 jobs in the West Midlands, helping to grow the economy.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting the UK’s membership of a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year. The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes.
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
Commenting, Kate Kniveton MP said:
“Burton and Uttoxeter voted for Brexit to allow Britain to set its own course and strike free trade agreements that are better tailored to our interests, with countries around the world.
“Joining the CPTPP trade bloc is our biggest trade deal since Brexit, helping businesses here in Burton and Uttoxeter benefit from tariff-free access to some of the world’s fastest growing economies and supporting 28,177 jobs in the region.
“The Government is delivering the benefits of Brexit right here in Burton and Uttoxeter, boosting investment and supporting local jobs.”
Business and Trade Secretary Kemi 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.
“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.”
