Official : UK strikes biggest deal since Brexit to join huge free trade bloc in Indo-Pacific

Liz Truss MP, former Trade Secretary and ex-PM, comments exclusively to us

Montage © Facts4EU.Org 2023

Sunak formally announces CPTPP deal – market of 580m consumers and GDP of £11 trillion

Yesterday we published a report on the UK’s imminent accession to the CPTPP – a massive trading bloc stretching from Canada to Japan to Australia. Overnight Prime Minister Rishi Sunak has now confirmed this deal is agreed and the legal documents are in preparation.

This a major coup for Brexit Britain and it would not have been possible while the United Kingdom was still a member of the European Union.

Brexit Britain and international trade – a Facts4EU and CIBUK guide

Part One – The CPTPP success
Part Two – What CPTPP delivers, plus Liz Truss’s exclusive comments
Part Three - Summary of latest international trade figures, plus Sir John Redwood's comments
Part Four – Brexit Britain’s trade deals

Liz Truss deserves credit for starting this deal, over two years ago

During her tenure as International Trade Secretary the Rt Hon Liz Truss MP criss-crossed the globe, promoting British business and initiating trade discussions. Many times we reported positively on her work and it was clear that her enthusiasm for the promotion of post-Brexit Britain was well-received internationally.

Commenting on our reports yesterday and overnight today, Liz Truss told us :-

"As Trade Secretary, I made our formal application to join CPTPP two years ago. I am delighted negotiations are completed, deepening UK access to some of the world's fastest-growing economies. This is Global Britain in action and an important counterweight to those who seek to undermine our values.
"I’d like to pay tribute to all those at the Department for International Trade who put in the hard yards to make this happen. This is a vital development as we seek to boost UK exports to new markets and deliver additional economic growth."
- The Rt Hon Liz Truss MP, former International Trade Secretary, former PM, 31 Mar 2023

No.10’s statement overnight

“The historic agreement follows two years of intense negotiations by the Department for Business and Trade and puts the UK at the heart of a dynamic group of economies, as the first European member and first new member since CPTPP was created. We would not have been able to join as a member of the EU, demonstrating how the UK is seizing the opportunities of our new post-Brexit trade freedoms to drive jobs and growth across the country.”
“Total UK exports to CPTPP countries were already worth £60.5 billion in the 12 months to the end of September 2022 and are set to grow under CPTPP. Our leading services industry will also benefit from reduced red tape and greater access to growing Pacific markets with an appetite for high-quality UK products and services.”
No.10 statement, 31 Mar 2023

Prime Minister Rishi Sunak said:

“We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms. As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.
“Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies, as the first new nation and first European country to join. British businesses will now enjoy unparalleled access to markets from Europe to the south Pacific.”
“The agreement protects the UK’s vital industries and entities, including agriculture and the National Health Service, and upholds our high animal welfare and food safety standards. Dairy farmers will benefit from lower tariffs on exports of products like cheese and butter to Canada, Chile, Japan and Mexico, building on the £23.9 million of dairy products we exported to these countries in 2022.”
The Rt Hon Rishi Sunak MP, 31 Mar 2023

Typically, the BBC rubbishes the great news

This trade deal is important, even if the BBC don’t think so.

Here is the very negative headline from the BBC this morning, where they write: "but the UK economy will only get a small boost"

The UK’s Rejoiners and ‘Globalists’ have received over £3m in foreign funding

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This deal liberates services – the UK’s speciality

When it comes to trade deals, the BBC and the government’s agencies such as the Office for Budget Responsibility and HM Treasury seem not to understand that international agreements such as CPTPP are not solely about trade in goods.

Yes, tariff-free access to international markets for UK manufacturers is valuable but the UK’s economy is 80% based on services. One of the benefits of the new CPTPP deal is the liberalisation of the restraints on the UK’s services sector in being able to sell into one of the fastest-growing markets in the world. Here is what No.10 said overnight :-

“Boosting services: The UK is the world’s second largest services provider and services accounted for 43% of our trade with CPTPP members last year. Joining the bloc will slash red tape – UK firms will not be required to establish a local office or be resident to supply a service and will be able to operate on a par with local firms.
“Increased flexibility: Modern ‘rules of origin’ could make British businesses more competitive by allowing them to trade more freely across the bloc. For example, UK car manufacturers could sell car engines tariff-free to a car maker in the bloc who could then sell those cars tariff-free to any member country. This is currently not possible under all the bilateral trade agreements the UK has in place with CPTPP members and will help exporters diversify their supply chains and create new export opportunities.
“Pro-investment: Investment between the UK and CPTPP countries is expected to increase as the agreement contains provisions to limit barriers and encourage more inward investment. Inward investment stocks to the UK from CPTPP countries were worth £182 billion in 2021.
“Cutting-edge: Remotely delivered services from the UK to CPTPP were worth £20.5 billion in 2020. CPTPP sets modern rules for digital trade across all sectors of the economy and will support UK businesses of all sizes to seek new opportunities in CPTPP markets.”
No.10 statement, 31 Mar 2023

Observations

Facts4EU.Org and CIBUK.Org (for which Facts4EU is ‘the facts engine’) are grateful to Ms Truss for her comments on this major success story for Brexit Britain. There is no question but that she deserves credit for her work in promoting the United Kingdom in her international travels.

This massive CPTPP deal is a clear and obvious example. She may not be there for the signing, but she was there at the start.

Regardless of the negative attitude of the BBC (and no doubt of may other media outlets today) this CPTPP deal is a Brexit triumph on many levels. In Part Three of this series we will be reporting on the growth in UK international trade since Brexit, confounding those who always do our country down.

We prefer to promote our great country.

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[ Sources: No.10 | Department for Business and Trade ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Fri 31 Mar 2023

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Reader Comments 20

1. Sparky , Friday, March 31, 2023, 07:30:

Just been reading a piece in the South China Morning Post re CPTTP. The piece says "Economic modelling by the UK Department for International Trade back in 2021 predicted that joining the CPTPP would increase exports by £1.7 billon (US$2.07 billion) and imports by £1.6 billion, with most of the import increase coming at the expense of the UK farm sector and food processing, and export gains for the motor industry and beverages". "Whether such predictions prove accurate, they are chicken feed compared with the United Kingdom’s £559 billion trade with the EU in 2021, and the Brexit losses estimated at around £100 billion a year". "membership of this dynamic Asian grouping might expose Global Britain to some competitive forces that have not been anticipated, and may not be welcome".

2. Sparky , Friday, March 31, 2023, 07:35:

Bit of spin from No 10 included above. BBC have provided a cautious balanced report, but still very little in the media as yet.
.
Inserting piece in the Guardian. "Since the UK voted for Brexit, the proportion of people declaring confidence in parliament has slumped by 10 percentage points to 22% while there has been a seven percentage point rise in confidence in the Brussels-based bloc, to 39%"

3. Paul j , Friday, March 31, 2023, 07:39:

Sparky
Yes, we still trade massively with the EU, even more so than before Brexit and you don't need to be in the EU to do it.
Thanks for pointing that out sparkless.

4. Paul j , Friday, March 31, 2023, 07:42:

Sparkless is over compensating today, trying to counteract the good news.
Sparkys rejoiner head can't accept the brexit win, lol.
Steam is coming out of his ears right now.

5. Captain Thunderbolt , Friday, March 31, 2023, 08:03:

Seems to me the BBC is reporting the same thing over and over. When the UK agreed to the UK/JP trade deal they rubbished it as well by 0.08% but conveniently forgetting that the EU/JP deal only increase the EU GDP by 0.14% and UK share of that was roughly the same 0.08%

6. Not4EU, London , Friday, March 31, 2023, 08:16:

What?
You can join a trade block without them dictating your laws & policies? Without 'free movement? Without paying billions a year, and can just leave with six months notice?
Hoodathunkit? Well done Kemi.
How will this affect our hostage in the EU, N.Ireland? Will they be excluded as they're in reality under EU rule? Did our WEFEUling puppets Hunt/Vishy Rishi (Tough on growth & tough on the causes of growth) think that they could spike independence/this agreement with the appalling WF/NIP? It'll certainly give remoaner Suck Here Stammerer a challenge.

7. Biggest Loser , Friday, March 31, 2023, 08:23:

0.08% is a sick joke compared to what Brexiters blindly walked away from.
It's the same with the Australia deal - it would be laughable if it weren't happening to us.
We need an election before Brexiters do us any more "favours" that will take a lifetime to get out of.

8. terence patrick hewett , Friday, March 31, 2023, 08:41:

It's over: the UK will now never re-join the EU. Many people surmise; who will be next to leave that shrinking organisation. I rather think it will not go out with a bang, but with a whimper. The centre of gravity of the EU, is moving eastwards, towards Poland and the Baltics; with the Franco-German axis becoming less important. Once Central Europe becomes more powerful economically and militarily; it can only be a matter of time before they ignore the EU and deploy, independently and internationally. The Franco/German trip, by King Charles, is an act of admission by that axis, of the UK's increasing international influence. Churchill was right: they are either at your feet, or at your throat. And he was right in saying that Britain would choose the sea, rather than limit themselves to Europe Sparky: for you zee vor iss ofer.

9. Paul j , Friday, March 31, 2023, 08:57:

Biggest Sore loser
We brexiteers will continue to do you rejoiners great favours, lol.
Like making rejoining the EU impossible!
Enjoy!

10. LuxuryBalloon , Friday, March 31, 2023, 09:44:

I don’t think Liz Truss should be given any credit …

20 comments, page 1 of 2

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