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…
Liz Truss today provided journalists with the honest yet disappointing update that negotiations on a UK-US trade deal would not start in the “short to medium-term”. Naturally Labour MPs were quick to jump on this admission with criticism. Gareth Thomas called it a “huge failure“, Sarah Champion argued “This failure lies squarely with Truss”, Karl Turner asked “What’s gone wrong?” and Marsha de Cordova took it as reason to claim “The PM has already failed at her job”. Damning…
Those lines are quite a pivot from hyperbolic statements they made on the dangers of a US trade deal. Gareth claimed “the NHS will be at risk… never mind the chlorinated chicken & the increase in US agricultural imports that could hit our farmers hard”, Sarah said “No thanks” citing concerns over food safety and animal welfare, Karl insisted it would involve “flogging our NHS off” while Marsha called it a “disaster for working people”. They have only become keen on the deal they opposed now it is off…
Despite much of the chattering classes embarking on self-flagellation, Britain’s American trade prospects remain good. The United States remains the UK’s largest trading partner, while the UK is second only to Germany on their list. Katy Balls points out that Liz has cleared the Cabinet of protectionist voices, whilst aiming for a backdoor to a US trade deal through the Comprehensive and Progressive Agreement for Trans Pacific Partnership with Australia, Canada, New Zealand and Japan. It’s not all doom and gloom.
Despite endless rumours that Nissan planned to close its Sunderland manufacturing plant, today its chief operating officer Ashwani Gupta instead raved over the opportunities provided by the Brexit trade agreement, celebrating its potential impact on the British car industry. Telling The Telegraph:
“Brexit for Nissan is a positive. We’ll take this opportunity to redefine the auto industry in the UK. In certain conditions, our competitiveness is improved. For some of the cases, it is at par. It depends on which car, but competitiveness is definitely improved in electric vehicles.”
Gupta also claimed the agreement would protect 75,000 jobs across Britain and Europe, and allow Nissan’s Sunderland plant to double its pre-Covid capacity to meet demand. Despite Brexit, Nissan expects UK car sales to outpace Europe’s in future …
