The historic trade deal with 11 nations has unlocked new opportunities with Malaysia (Image: Getty)
In an increasingly unstable world, Britain should be self-assured of her place as a confident trading nation.
As of midnight, Britain has formally joined CPTPP - the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
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By becoming the first European member of this far-reaching trade group, spanning five continents and 12 economies, we have shown we are determined to seize the opportunities of tomorrow.
This Government is not bogged down in dogma. We are determined to deliver higher living standards for the British people. And where there are opportunities for Britain to forge a new path post Brexit – delivering opportunities for business and cheaper prices for consumers – we will not hesitate to grasp those opportunities with both hands.
Our accession today transforms CPTPP from a Pacific agreement to a truly global one, raising its collective GDP to ￡12trillion in 2023. That’s 15% of the world’s economy.
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It’s further proof that the UK is a wonderful place to do business, with an open, outward looking economy driving the growth people can feel in their communities.
The numbers speak for themselves. Our membership could add an extra ￡2billion to our economy and boost household wages by ￡1billion each and every year in the long run, helping to support the Government’s Plan for Change by kickstarting economic growth.
All UK nations and regions are expected to benefit, with estimated GDP boosts of ￡240million for Scotland, ￡110million for Wales, and ￡70million for Northern Ireland in the long run.
Nearly all goods we export to CPTPP countries will now enjoy zero tariffs, unleashing potential in industries ranging from food and drink to advanced manufacturing in markets stretching from Chile to Japan.
New, modern provisions around ‘rules of origin’ will also help British manufacturers qualify for lower tariffs in CPTPP countries, improving access to the group’s burgeoning middle class.
Whisky distillers such as The Glasgow Distillery can now explore bringing their finest Single Malt Scotch to new markets in Malaysia and beyond, whilst Alexander Dennis buses could become an even more familiar sight Down Under.
And let’s not forget Britain’s status as a global services titan – the second largest services exporter in the world. Through CPTPP British firms will operate on a level playing field with domestic competitors in key sectors in CPTPP countries, and banks like HSBC will enjoy greater flexibility to manage funds across CPTPP.
The British public could also see prices on supermarket shelves falling through the removal of tariffs on items like fruit juices from Chile and microwaves from Malaysia, should these savings be passed on by importers.
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CPTPP is designed to grow, and with that growth comes the potential of even more benefits for British businesses and consumers. CPTPP has already kickstarted the process for Costa Rica to join and economies including Indonesia – the largest market in Southeast Asia, with a GDP of over ￡1trillion in 2023 – recently applied to join.
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But this isn’t just about pounds and pence. It’s about Britain’s place in the world. By joining CPTPP as its first European member, the UK is showing its commitment to being a global player in free, open and high-standards trade.
We will use this same ambition and relentless focus on economic growth to shape our upcoming Trade Strategy. For the first time since Brexit the UK will set out a hard-headed, practical, and long-term strategy for our trading relationship with the world. We’re not confining ourselves to the binary choices of an EU-centric or US-focused approach that some argue for. Instead, through today’s announcement and our trade talks with the likes of the Gulf and India we are charting an independent course, building bridges across the globe and reasserting our historic position as a champion of free trade.
All of this is not just a win for business; it’s a win for Britain’s global standing. It showcases a nation that is unafraid to lead, innovate and engage with the opportunities of the future.