UK’s biggest post-Brexit trade deal

The UK government has reported that participation in the Indo-Pacific trade bloc’s Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is the biggest trade deal since Brexit.

The UK’s accession to the 11-member trading bloc, the CPTPP, comes after almost two years of negotiations, according to the government statement.

With the UK participating, the CPTPP will account for 15 per cent of global revenue and reach a size of £11 billion.

The free trade agreement under the CPTPP is expected to contribute £1.8bn to the UK economy in the long term.

BIG BUSINESS AFTER BREXIT

The UK’s participation in the CPTPP is described as the biggest trade deal since Brexit.

British Prime Minister Rishi Sunak said: “We are a free trade country and this deal shows the real economic benefits of our post-Brexit freedoms. As part of the CPTPP, the UK is now in a unique position in the global economy to take advantage of new opportunities for jobs, growth and innovation.

Joining the CPTPP trading bloc places the UK at the center of a dynamic and growing group of Pacific economies. British companies will now enjoy unprecedented access to markets from Europe to the South Pacific.” used the phrases.

Kemi Badenoch, UK Secretary of State for International Trade, said the deal is an important development for the country, saying: “Our participation in the CPTPP is a strong indication that the UK is open for trade and using our post-Brexit strategy. freedoms to reach new markets and grow our economy around the world. It’s sending a signal.” She took stock of her.

Badenoch shared on his Twitter account that negotiations on the UK’s official participation in the CPTPP have been completed. (AA)