The UK has become the first European country to join the CPTPP trading bloc.

Britain is set to become the first European country to officially join the Indo-Pacific trade bloc on Sunday, a move that will boost trade and create opportunities for British businesses abroad.

Britain will become a member of the Comprehensive and Progressive Trans-Pacific Partnership Agreement on Sunday, following a years-long process.

Britain will become the 12th country to join the trade deal after the first submitted an application in early 2021, which officials hope could add billions of dollars to the economy.

Britain is expected to sign deals on Sunday with eight of the bloc's 11 existing member states that were among the first to ratify accession.

These countries are Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia and Brunei.

It then came into effect with Australia on Christmas Eve, and Australia later ratified the agreement.

Canada and Mexico have yet to finally approve Britain's membership, but officials are understood to expect to do so at some point in the future.

Officials hope the move could boost the economy by up to $2 billion a year compared to the 2040 GDP level expected without the CPTPP agreement.

CPTPP is expected to grow in the future, and last month it was announced that Costa Rica would be the next country to join.

Business Secretary Jonathan Reynolds said: The UK is uniquely positioned to strengthen existing relationships while taking advantage of exciting new markets.

Today’s news is further evidence that the UK is a great place to do business, with an open and outward-looking economy that drives growth that people can feel in their communities.

Agreements like these boost trade and create opportunities for British businesses to expand overseas. It is a proven way to support jobs, raise wages and stimulate investment across the country, which is central to the Government's mission to deliver economic growth.

Our trade strategy, to be published next year, will finally set out a long-term strategic plan for international trade that helps businesses and consumers and ultimately grows the economy.

Conservative leader Kemi Badenoch, who was trade secretary when the UK agreed to formally join the bloc in 2023, said: The Conservatives support everyone, from British farmers to fintechs, small businesses and the largest manufacturers. delivered a trade agreement to the CPTPP that provides enormous benefits to

The deal places the UK among the world's fastest-growing economies and is a key Brexit benefit to be added to the EU trade deal.

But joining a trading bloc is just the beginning. Labor ridiculed our CPTPP deal in the last Parliament and now has a responsibility to ensure British businesses can make the most of this landmark deal.

By Caitlin Doherty, Deputy Politics Editor

Source: PA

Copyright 2024 Alliance News Ltd. All rights reserved.

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