Daniel Kawczynski MP welcomes a big boost for businesses in Shrewsbury and Atcham as Britain formally signs its biggest trade deal since Brexit, supporting 677 local businesses and 28,177 jobs in West Midlands, helping to grow the economy.
Secretary of State for Business and Trade, Rt Hon Kemi Badenoch MP, formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting Britain’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 Britain to join the group, following the 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 British 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 Britain by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
- We have now signed our biggest trade deal since Brexit – becoming the first European country to join the CPTPP bloc, worth £12 trillion and 15 per cent of global GDP. With 500 million people across CPTPP countries, this trading opportunity will boost investment and support thousands of UK jobs.
- Leaving the EU has allowed us to develop an independent trade policy and forge closer economic and diplomatic ties with the world's fastest growing economies.
- This deal will boost investment and support hundreds of thousands of jobs across Britain as we deliver on our promise to grow the economy.
Daniel Kawczysnki, your MP, commenting on this historic agreement:
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 Shrewsbury and Atcham benefit from tariff-free access to some of the world’s fastest-growing economies and supporting 28,177 jobs in the region.
‘The Conservative Government is delivering the benefits of Brexit right here in Shrewsbury and Atcham, boosting investment and supporting local jobs.’
