The UK became the first European country to join a major Indo-Pacific trading bloc, according to Euractiv.
The move on Sunday, 16 December, marked the country’s biggest trade deal since Brexit. The UK became the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Membership should improve the UK economy by as much as £2.0 billion ($2.5 billion) annually. According to government figures, total UK trade totalled £1.7 trillion ($2.15 trillion) a year.
Launched in 2018, the organisation is seen as an alternative to the region’s dominant China, although Beijing has also applied to join the CPTPP.
The CPTPP accounts for around 15 per cent of global GDP. The alliance will give UK businesses trade access to a market of more than 500 million people. The previous Conservative government signed the agreement in July 2023, with then Business and Trade Secretary Kemi Badenoch hailing it as “the biggest trade deal” since Brexit.
The UK also negotiates with Gulf countries. Last month, Prime Minister Keir Starmer announced that the UK and India should revive stalled free trade talks.
