Julia Lopez MP welcomes a big boost for businesses in Hornchurch & Upminster as the UK formally signs its biggest trade deal since Brexit, supporting 3,147 businesses and 102,713 jobs in London, helping to grow the economy.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting the UK’s membership of a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year. The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes.
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country. The report also found that CPTPP investment accounted for over £240 billion in turnover in London and created 26,000 jobs nationally in 2021 and 2022.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
Below this article you can find regional snapshots, provided by the Government, showing the potential impact of the Trans Pacific Trade Deal across the nations and regions of the UK.