- The UK's independent trade policy has allowed us to 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% 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.
Greg Hands welcomes a big boost for businesses in Chelsea and Fulham as the UK formally signs its biggest trade deal since Brexit, supporting 3,147 local businesses and 102,713 jobs in London, 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, Greg Hands said:
“As a former Minister of State for Trade Policy, I am delighted to see the UK formally join the CPTPP and to have played an important part in making this happen. We are striking free trade agreements with countries around the world and creating stronger economic ties with some of the world’s fastest growing economies.
Joining the CPTPP trade bloc is our biggest trade deal since Brexit, helping businesses here in Chelsea and Fulham benefit from tariff-free access to some of the world’s fastest growing economies and supporting 102,713 jobs in London.
The Conservative Government is delivering the benefits of being an independent trading nation right here in Chelsea and Fulham, boosting investment and supporting local jobs.”
Commenting, 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.”
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