Tories confident that membership in CPTPP will bring benefits but these will be dwarfed by Brexit-related losses
Britain will become the first European nation to join an Indo-Pacific trade bloc on Sunday, although the estimated £2bn “long-run” benefits to the UK economy will be dwarfed by Brexit-related loss of trade with the EU. Kemi Badenoch, former Conservative trade minister and now Tory leader, said membership of the Pacific bloc was a crucial post-Brexit trade deal, attaching Britain to the fastest-growing region in the world.
Customs union members have to subscribe to EU trade deals and cannot strike their own accords. Prime Minister Keir Starmer has ruled out a return to the customs union in any event. Douglas Alexander, trade minister, has called the CPTPP “a hub for dynamic, forward-thinking economies committed to promoting free trade around the globe”. He is also seeking trade deals with India and Gulf states, but wants lower trade barriers with the EU.
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