Rachel has welcomed a big boost for businesses in Redditch and the Villages as the UK formally signs its biggest trade deal since Brexit.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade bloc in New Zealand on Sunday (July 16th), 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.
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.
Rachel said:
“Brexit has allowed us to strike free trade agreements with countries around the world and create stronger economic ties with some of the world’s fastest growing economies.
“Joining the CPTPP trade bloc is our biggest trade deal since Brexit, helping businesses here in Redditch and the Villages benefit from tariff-free access to some of the world’s fastest growing economies.
“The Government is delivering the benefits of Brexit right here in Redditch, boosting investment and supporting local jobs.”
