News from Facts4EU - Business and Trade Secretary formally signed the treaty confirming UK’s accession to CPTPP – the Indo-Pacific trade bloc now worth £12 trillion in GDP.
Facts4EU.Org celebrates a major milestone in our new-found Brexit freedoms
The ink is now dry on the signature of Business and Trade Secretary Kemi Badenoch, who formally signed the treaty to accede to the CPTPP trade group in Auckland in the early hours of Sunday morning, UK time.
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.
Brexit Facts4EU.Org Summary
The signing with CPTPP - what does it mean?
United Kingdom is first non-founder member to be allowed to join
No free movement, no CPTPP laws imposed on the UK, no political union
Unlike the EU this is a trading bloc
99% of UK goods exports to CPTPP to be eligible for zero tariffs
UK businesses given unparalleled access to market of over 515 million people
The report found CPTPP investment accounted for:
A market of over 515 million consumers - far more than the EU
Over £240 billion in turnover in London, £35 billion in the South East and £18 billion in the East of England
The creation of 26,000 jobs in 2021 and 2022
75% of all employment in CPTPP-owned businesses was outside of London
One in 50 jobs in the North East
One in every 25 jobs in the manufacturing sector
[Sources : GDP and population data refers to data from 2022 and is taken from IMF World Economic Outlook Database, April 2023 edition.]
None of this would have been possible without Brexit
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business head-quartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.
Speaking just ahead of the signing, the Rt Hon Kemi Badenoch MP 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.”
For the full report in pdf with more images, please click here:
Observations
What great news for a Sunday morning. We have no doubt the BBC will pour cold water on this today but the simple fact is that this deal, now signed, significantly increases the influence of the United Kingdom in the Indo-Pacific and globally.
The UK may have left the EU empire but it still trades with it. Now in addition the UK has now signed a deal with a trading bloc of over 582 million consumers with the UK – making it over 135 million more than that of the EU once the UK formally acceeds.
Whichever way Rejoiners choose to spin and belittle this, the CPTPP deal represents another major Brexit benefit.
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[ Sources: HMG | UK Dept for Business and Trade | NZ Ministry of Foreign Affairs and Trade (MFAT) ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Sun 16 Jul 2023
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