As a Trade Advisory Group (TAG) member, I am very pleased with the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The signature signifies the formal agreement for the UK to join the group after negotiations were successfully concluded earlier this year.
The UK has signed a deal that will greatly benefit British businesses by providing billions of pounds in additional trade and opening up vast opportunities to a market of over 500 million individuals. Benefiting from its status as an independent trading nation, the UK seized the opportunity to become a part of a thriving, forward-thinking trade bloc.
By joining the CPTPP, the UK aims to bolster its economy by capitalizing on the trade and investment opportunities offered by the agreement. This can lead to the growth of existing businesses, expansion into new markets, and the creation of more jobs across various sectors. Ultimately, the UK’s participation in the CPTPP can contribute to the long-term economic development and prosperity of the country.
According to the latest report, CPTPP investment accounted for:
- Over £240 billion in turnover in London, £35 billion in the South East and £18 billion in the East of England;
- The creation of 26,000 jobs in 2021 and 2022 ;
- 75% of all employment in CPTPP-owned businesses was outside of London ;
- One in 50 jobs in the North East ;
- One in every 25 jobs in the manufacturing sector.