Peru has now ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Being the sixth member, it means we are now finally set to formally join. Over 99% of current UK goods exports to members will be tariff-free once the deal enters into effect. It will boost the UK economy by a stonking £1.8 billion – and that’s only the start…
After a 21-month negotiating period under the Tories the agreement will officially enter into force by 15th December 2024. Taking the value of the trading partnership from £9 trillion to £11 trillion…
An official 2023 report found CPTPP investment accounted for:
The deal will now come into force with each extra member in real time as they ratify. Remainers, including one sitting in Downing Street, will be heartbroken…
In his first address as a member of the House of Lords, David Cameron introduced the second reading of the landmark CPTPP bill. The erstwhile leader of the Remain campaign methodically outlined the positive implications of the bill, such as strengthening ties with other economies and diversifying supply chains. Dave highlighted that the bill signifies the UK’s entry into “the heart of a group of some of the world’s most dynamic economies”. Unlike the sluggish EU economies…
The speech, crafted prior to Cameron’s shock appointment, was initially slated for delivery by former Foreign Secretary and Brexiteer James Cleverly. Guido hears that Cleverly’s original script included a segment highlighting the benefits of Brexit, with this new bill being a prime example of making the most of its advantages. It wouldn’t have been a surprise if Cleverly were to do a bit on Brexit benefits, in fact, it should be expected. However, when Lord Cameron delivered his speech, he notably excluded any advantages of leaving the bloc or that this historic bill illustrates a capitalisation of the pros of leaving the EU. He’s clearly in denial that Brexit has delivered any benefits. He didn’t even mention the word “Brexit” at all. Remainer Dave just couldn’t bring himself to say it…
Lord Cameron has kicked off his maiden speech with jokes aplenty as he speaks in the Lords for the second reading of the CPTPP Bill. The “infamous” shepherd’s hut got an early mention from Cameron. Thus killing the joke forever…
Cameron said he wasn’t waiting to come back to politics like a “latter-day De Gaulle… asked to take back control“, or a “Cincinnatus hovering above the crowd” and that he leaves “all classical allusions, and illusions for that matter, to another former prime minister“. It took a while to warm the crowd up, though they got there in the end…
On the day the UK formally joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a deal that is set to boost the UK economy by at least £1.8 billion, Sir Keir is down in Plymouth claiming the economic benefits of joining will be “very small” – and we should really be trying to get closer to Brussels again:
“I welcome any trade deal, but I have to say we need to bear in mind that the net contribution to our economy will be something in the order of 0.08 per cent. What we need alongside that is a closer trading relationship with the EU. Businesses across the country are crying out for a better deal than the one that the Government has put in front of them.
“So yes, good to have a new trade deal, but better to have a closer relationship with the EU to go alongside it and to help our businesses grow our economy and take us through and out of this cost-of-living crisis.”
Joining a £9 trillion trading bloc is small fry for Labour apparently…
In the early hours of this morning, Kemi Badenoch announced the UK had joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a large Indo-Pacific trading bloc including Canada, Japan, Australia and Mexico. The move is intended to boost trade and strengthen UK influence in the context of an increasingly present Chinese threat. It will boost the UK economy by a stonking £1.8 billion – and that’s only set to grow.
In her video announcement, Kemi Badenoch thanked other trade ministers who had worked on the deal. Guido notes that Kemi failed to mention one Trade Secretary in post over the course of the 21-month negotiating period. A certain Liz Truss…
In a statement released this morning, the Prime Minister welcomed the move:
“We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms. As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.”
Guido struggles to find much to dislike about the deal. Though the remain-obsessed establishment will no doubt find something to charge against – “pro-trade” Labour have already raised concerns “including on consumer safety, food safety, data protection and environmental protections”. It’s been a good 24 hours for Kemi, who also won re-selection last night. Crack open the sake.
