HE UK SIGNED a treaty at the

FOR BUSINESSES , FROM SMALL

FIRMS TO LARGE-SCALE

ORGANISATIONS SELLING PHYSICAL

GOODS OR SERVICES , THE

AGREEMENT REPRESENTS A NEW GATEWAY TO 500 MILLION CUSTOMERS WHICH THEY CAN SELL TO

WITH FAR FEWER BARRIERS .

Business and Trade Secretary , Kemi Badenoch , went to Auckland to put pen to paper on the deal , alongside New Zealand Trade Minister , Damien O ’ Connor , Canadian Trade Minister , Mary Ng , Japanese Minister for Economic Revitalisation , Goto Shigeyuki , and Australian Deputy Trade Minister , Tim Ayres .

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 .

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 .

Marco Forgione , Director General of the Institute of Export and International Trade , said : “ This is an incredibly exciting moment , not just for British businesses but for the wider British public too . Joining the CPTPP means that the UK has free trade access to rapidly expanding new markets and economies . But what does this all ultimately mean for UK business and consumers ?

“ For businesses , from small firms to largescale organisations selling physical goods or services , the agreement represents a new gateway to 500 million customers which they can sell to with far fewer barriers . From whisky to confectionary to cars to jewellery and clothing , the removal of tariffs will make our finest British products more readily available to consumers in the Indo-Pacific bloc . These countries account for 13 % of global GDP and will be home to half of the world ’ s middle class population in the coming years .

“ This agreement has the additional benefit of strengthening the value chains and supply chains within the bloc . For example , automotive parts from Mexico can now be imported tariff-free into UK and cars produced here can then be sold into the Malaysian market , benefitting from the terms of CPTPP .

“ By signing this free trade agreement , UK businesses can sell more goods and services , increasing their international trade footprint and generate more opportunities for employment in the wider economy .

“ Also , looking at services , the UK is the second biggest services exporter in the world – behind only the US . The services sector contributes around 80 % of the UK ’ s GDP . Being part of CPTPP has secured enhanced market access for UK service suppliers

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