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Sir Keir StarmerThe government welcomed UK becoming the first European nation to officially join Indo-Pacific trade blocdespite saying the deal’s impact would be “very small” less than two years earlier.
At the beginning of 2023, when Great Britain started the accession process Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)he gave trade they have a lukewarm reception, pointing out that “the net contribution to our economy will be something like 0.08 percent”.
But on Sunday, his business secretary Jonathan Reynolds said the deal would “boost trade and create opportunities for UK companies overseas”.
The UK will become the 12th country to join the trade deal, following a multi-year procedure, after first submitting an application in early 2021.
Britain will enter the agreement with eight of the bloc’s 11 existing members who first ratified accession on Sunday – Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia and Brunei.
It will then come into force on Christmas Eve with Australia, which later ratified the agreement.
Canada and Mexico have yet to finally sign off on the UK’s membership, but it is understood officials expect to do so at some point in the future.
Officials hope the move could boost the economy by as much as £2 billion a year compared to GDP levels projected for 2040 without the CPTPP deal.
The CPTPP is expected to grow larger in the coming years, and last month it was announced that Costa Rica would be the next country to work through the accession process.
But expressing hesitation over the 2023 deal, Sir Keir said it would be “better to have a closer relationship with the EU to go along with it” – something he is currently pursuing with his plan to reset relations with the bloc.
Conservative leader Kemi Badenochwho was trade secretary when the UK formally agreed to join the bloc in 2023, highlighted Sir Keir’s initial misgivings about the deal – claiming Labor “spent the last parliament making a mockery of our CPTPP negotiations”.
“The Conservatives have delivered the CPTPP – a trade deal that delivers massive benefits to everyone from UK farmers to fintech and small businesses to the biggest manufacturers,” she said.
“The deal puts the UK in the bloc with the fastest growing economies in the world and was a key Brexit benefit to add to our trade deal with the EU.
“However, joining the trade bloc is just the beginning. Labor spent the last parliament making a mockery of our CPTPP negotiations, and they now have a responsibility to ensure that British companies can make the most of this landmark deal.”
Reynolds said: “Britain is uniquely placed to take advantage of exciting new markets while strengthening existing relationships.
“Today’s news is further evidence that the UK is a wonderful place to do business, with an open and outward-looking economy driving growth that people can feel in their communities.
“Agreements like this boost trade and create opportunities for UK companies abroad. This is a proven way of supporting employment, raising wages and driving investment across the country, which is key to this Government’s mission to achieve economic growth.
“Our trade strategy, 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.”
The Department of Business and Trade has been contacted for comment.