top of page
Writer's pictureMichael Julien

UK’s Kemi Badenoch seals trade deal with CPTPP in the early hours of this morning - 16.07.23

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.


We must get reports like this out there

Reports like the one above take far longer to research, write and produce than many people realise. If they were easy, readers would see other organisations also producing these daily. However, there’s little point in the Facts4EU.Org team working long hours, seven days-a-week, if we lack the resources to promote them effectively – to the public, to MPs, and to the media. This is where you come in, dear reader.


Facts4EU.Org needs you today

We are a 'not for profit' team (we make a loss) and any payment goes towards the actual work, not plush London offices, lunch or taxi expenses, or other luxuries of some organisations.


We badly need more of our thousands of readers to become members, to support this work. Could this be you, today? It's quick and easy, we give you a choice of two highly secure payment providers, and we do NOT ask you for further support if you pay once. We just hope you keep supporting us. Your membership stays anonymous unless you tell us otherwise.

Please don't assume that other people will keep us going - we don't receive enough to survive and we need your help today. Could you help us? We rely 100% on public contributions from readers like you.


If you believe in a fully-free, independent, and sovereign United Kingdom, please join now by clicking on one of the links below or you can use our Support page here. You will receive a personal, friendly ‘thank you’ from a member of our team within 24 hours. Thank you.

[ 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










32 views0 comments

Comments


bottom of page