Prime Minister Rishi Sunak has announced that the UK will join a new trade partnership.
The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is the biggest trade deal we’ve signed since Brexit.
And we’re leading the way by becoming the first European country to join it.
This means UK businesses will have tariff-free access to a market of 500 million, now worth £11 trillion.
And make no mistake: because EU rules prevented us from signing deals like this, we were only able to get it done after Brexit.
Cutting red tape will give UK businesses competitive access to some of the world’s largest and fastest growing markets. We Conservatives are putting UK business on the front foot, with more than 99 per cent of goods eligible for zero tariffs – making it easier for us to sell into the bloc.
Kemi Badenoch, Secretary of State for Business and Trade, said:
This is an important moment for the UK. Our accession to CPTPP sends a powerful signal that the UK is open for business and using our post-Brexit freedoms to reach out to new markets around the world and grow our economy.
Joining CPTPP will support jobs and create opportunities for companies of all sizes and in all parts of the UK. It is about giving British businesses improved access to the countries that will be gateway to the wider Indo-Pacific region which is projected to make up the majority of global growth in the future.