This is a landmark day for the UK.
We have agreed the biggest international trade deal since Brexit – joining 11 other countries in the Comprehensive & Progressive Trans-Pacific Partnership, also known as the ‘CPTPP.’
It will help us unlock the benefits of Brexit for people across the UK, giving us greater trade access with some of the world’s fastest-growing economies.
But what does that actually mean for Britain?
Boost the economy
⬆️ It will boost our economy by £1.8bn
The bloc is home to more than 500 million people and has a total GDP of £11 trillion, that’s 12% of global GDP.
Forecasts predict that total UK wages will rise by £800 million compared to 2019 levels as a result.
🤝 It means zero tariffs on trade.
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 and whisky.
For example, British car producers would previously have paid tariffs of 30% to export their cars to Malaysia. From today, that goes down to 0%.
That means more exports, for more money, at no extra cost.
Slash red tape
✂️ It will slash red tape for UK service providers.
From accounting to insurance, the UK is the world’s second largest services provider, accounting for 43% of our trade with CPTPP members last year.
Joining the bloc will slash red tape – UK firms will not be required to establish a local office or be resident to supply a service and will be able to operate on a par with local firms.
This really is such an important moment for the UK. Not only does joining the CPTPP support jobs and economic growth across the country, it signals to the world that the UK is open for business – enjoying unparalleled access to markets from Europe to the South Pacific.