Dr Luke Evans, Member of Parliament for Bosworth, has welcomed a boost to over 24,000 jobs in the region as UK signs biggest trade deal since Brexit.
In July the United Kingdom became the first European country to join the CPTPP bloc, worth a total of £12 trillion and making up 15 per cent of global GDP, maintaining independence without a political union.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and, now the United Kingdom.
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.
Figures show that 444 businesses within the East Midlands are CPTPP-owned and that these businesses support 24,209 jobs in the region, which Dr Evans praised as “integral in helping to support a strong local economy.”
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.
Dr Luke Evans, Member of Parliament for Bosworth, said “Joining the CPTPP, a partnership without formal political integration, would not have been possible had the United Kingdom voted to remain in the European Union.
“This agreement shows we can have business relationships with other countries without political union, an issue that was paramount in the Brexit vote.
“I’m pleased the Government has seized one of the many post-Brexit opportunities available to our nation and I look forward to seeing businesses across Hinckley and Bosworth benefit from tariff-free access to some of the world’s fastest growing economies.”
Kemi Badenoch, Secretary of State for Business and Trade, added “I’m delighted to sign a deal that will be a big boost for British businesses and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people.
“We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country.”
