Brexit Britain ratifies deal to join major Indo-Pacific trade bloc two months early

The Government's announcement paves the way to £12 TRILLION market

Montage © Facts4EU.Org 2024

Meanwhile the EU trails, with no real prospect of this deal or of its other big hope

The UK has, two months earlier than expected, completed its key step required for joining CPTPP, Minister for Trade Policy Greg Hands told fellow members of the group during a meeting in Arequipa, Peru.

Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – which will account for 15% of global GDP with the UK included – means over 99% of current UK goods exports to CPTPP members will be eligible for tariff-free trade. It also covers the liberalisation of services – a key element in the UK’s economy.

Encompassing 515 million consumers in some of the world’s largest current and future economies, the potential for increased trade is huge.

Brexit Facts4EU.Org Summary

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (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
  • And the deal encompasses services
  • 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
  • None of this would have been possible without Brexit

© Brexit Facts4EU.Org 2024 - click to enlarge

Truly massive trade deal now ratified by the UK

Business and Trade Secretary Kemi Badenoch signed the deal last July to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a modern, ambitious trade pact spanning 12 economies across Asia, the Pacific, and now Europe.

Minister for Trade Policy Greg Hands said:

“The UK has been racing to get our ratification done because we know how much CPTPP will benefit British businesses, whether through access to new markets or cutting red tape on existing exports.

”I’m delighted we were able to bring this forward, ahead of our original July forecast, so we can get the countdown to Entry into Force going as soon as possible.”

- The Rt Hon Greg Hands MP, 17 May 2024

The EU languishes behind

As usual with the EU’s trade deals, its negotiations with the CPTPP have gone nowhere fast.

This echoes its much vaunted trade deal with the Mercosur bloc of South American countries which are now stalled. The EU Commission had hoped to announce this deal before the EU elections from 07-09 June, but this possibility was effectively nulled by the Mercosur member countries last December as we reported at the time. The EU has since been unable to get things going again.

British business is delighted with the CPTPP deal

Marco Forgione, Director General of the Institute of Export & International Trade said:

“The ratification of CPTPP marks an important stage in the UK’s trading future. British businesses now have tariff free access to some of fastest growing markets in the world to sell our goods and our world leading services. This is an opportunity which can help reshape the UK economy.

“At a time when global trade has been weaponised, this partnership can help the UK establish resilient and robust supply chains across Southeast Asia, Central and South America. In a world of growing geo-political uncertainty, the expanding trading community of CPTPP nations offers an important counterpoint.

“Now CPTPP is ratified the real work begins to make sure businesses understand how to take advantage of the immense opportunities for UK services and goods in CPTPP nations. There is a great opportunity for UK businesses to grow.”


Greg Hands' hypocrisy

Mr Hands campaigned for Remain in the 2016 Brexit referendum. In the Referendum campaign he led the Chelsea and Fulham 'Britain Stronger in Europe' group. Mr Hands repeatedly warned of the consequences if the electorate voted to Leave, saying that the country would face "profound consequences" including "fewer jobs, higher prices in our shops and less money for our public services like the NHS." He also described the EU's Single Market as being the "most complete commitment to free trade that exists."

Given his statement in our report above, we await Mr Hands' fulsome apology for so egregiously misleading his electorate and the British people. If we had stayed in the EU as he wished and campaigned for so vigorously, the CPTPP trade deal would never have been possible. An honourable man would never have taken the trade job given his clear views.

Needless to say we did try to find news of this important development for Brexit Britain about the CPTPP on the BBC’s website, to no avail.

We hope readers are pleased to learn of this development. If so, please help us continue by making a donation to our work.

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[ Sources: Department for Business and Trade | EU Commission ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 21 May 2024

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