LONDON: Britain became the first European nation to join a major Indo-Pacific trading bloc on Sunday, which has been termed the largest trade deal for the country after Brexit.
Britain is now officially the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The accession treaty was signed by the UK formally last year. Officials hope that with CPTPP membership, Britain could add about £2.0 billion ($2.5 billion) to its economy every year.
According to government figures, the trade value of the UK in the full 12 months ending September was £1.7 trillion.
The alliance also includes Canada and Japan, two other members in the G7; long-time friends, Australia and New Zealand; as well as Brunei, Chile, Malaysia, Mexico, Peru, Singapore, and Vietnam.
Formed in 2018 and seen as a bastion against Chinese dominance in the region, although Beijing has applied to join.
The previous Conservative government signed Britain up in July 2023, with the Business and Trade Secretary Kemi Badenoch calling it “the biggest trade deal” since the UK left the European Union.
Indo-Pacific trade bloc CPTPP World GDP Shares
The bloc which holds 15 percent of the global gross domestic product (GDP), will give access to British businesses to trade in a market of over 500 million people.
That last Conservative government signed Britain up in July that year, with the then Business and Trade Secretary Kemi Badenoch calling it ‘the biggest trade deal’ since the UK left the European Union.
“Post-Brexit, Britain has signed many trade agreements with Australia, New Zealand, and Singapore since it left the EU single market in early 2021.
About Gulf countries, there is still a pending agreement, and last month Labour Prime Minister Keir Starmer made a statement about reviving stalled discussions between Britain and India regarding a free trade agreement.
The much sought-after trade deal with the United States remains as elusive as ever, and it could be made even less likely when Donald Trump moves back into the White House in January.
