UK government pushes for global trade deal for UK instead of rejoining EU | Trade Policy

Business Secretary Jonathan Reynolds has signalled a new two-pronged approach to UK trade policy, with a Labour government looking to maintain close ties with the European Union while also seeking new global partnerships further afield.

Writing in Observer Online, Reynolds welcomed the UK's impending accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a real boon for British exporters.

His comments further confirm that the Keir Starmer government will not seek to rejoin the EU or its economic structures. If the UK were to rejoin the EU, it would have to leave the TPPP, as a separate free trade agreement would be incompatible with membership of the European single market and customs union.

CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Under the Conservative government, the UK agreed to join the CPTPP in July 2023, with the accession process almost complete. The bloc will have a combined GDP of more than $12 trillion, including the UK.

Despite Reynolds’ enthusiasm for the CPTPP, economists say Britain’s accession would have little impact on its trade or GDP in the short or medium term, and would be nowhere near enough to compensate for its withdrawal from the EU, single market and customs union.

Last year, when the Conservatives proposed joining the TPPP as the cornerstone of a post-Brexit globalised Britain, the Office for Budget Responsibility said it would add just 0.04% to GDP in the long term, defined as a 15-year membership period.

The spending watchdog also said two bilateral deals between the UK and Australia and New Zealand, hailed as landmark post-Brexit trade deals, could boost real GDP by a combined 0.1 per cent by 2035.

In his article, Reynolds makes clear that Labour will seek closer ties with the EU outside formal economic and trading structures.

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He wrote that the EU is not only our closest trading partner, but also our largest by a huge margin.

But we know that thousands of British businesses have stopped exporting to Europe entirely. The reason is no secret. The last government’s hostile approach to working with the EU left British businesses buried in bureaucracy. We are changing course to negotiate abolish unnecessary border checks and secure mutual recognition of professional qualifications, making it easier for British businesses to operate in France, Germany, Italy and beyond.

At the same time, we are pursuing high-quality, barrier-free trade deals with our partners around the world, including the Gulf Cooperation Council (GCC) and India. The GCC deal alone could increase bilateral trade by 16%, generating an additional $1.6 billion in our economy over the long term.

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