Labour: Government has 'desperately poor' record on signing trade deals
Labour said the Government had a "desperately poor" record on striking trade deals as it said it needed to see the detail of the CPTPP agreement.
Shadow trade secretary Nick Thomas-Symonds said: "The Conservative Government’s track record in striking good trade deals is desperately poor.
"Other countries joining CPTPP arrangements have secured important safeguards and put in place support for their producers: it is vital that ministers set out if they plan to do the same."
How much will joining the CPTPP benefit the UK economy?
Joining the CPTPP represents the UK's biggest post-Brexit trade deal to date.
It will cut tariffs for UK exporters to a group of nations which – with Britain’s accession – will have a total gross domestic product (GDP) of £11 trillion, accounting for 15 per cent of global GDP, according to UK officials.
However, critics have said the impact will be limited, with official estimates suggesting it will add just £1.8 billion a year to the economy after 10 years, representing less than one per cent of UK GDP.
Who else is in the CPTPP?
Britain is the first new member, and first European nation, to join the CPTPP trade bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.
It follows nearly two years of negotiations, culminating in intensive talks in Vietnam earlier this month, when representatives of all 11 existing members agreed to the UK joining.
While Britain already has trade agreements with most of the CPTPP members, apart from Malaysia, officials said it would deepen existing arrangements, with 99 per cent of UK goods exported to the bloc now eligible for zero tariffs.
Rishi Sunak hails new post-Brexit trade deal as UK joins CPTPP
Rishi Sunak has hailed the UK joining a major Indo-Pacific trade bloc as he said it will put the country in a "prime position in the global economy".
The UK has now formally joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a move which represents its biggest post-Brexit trade deal.
The deal was formally confirmed in a telephone call late last night between Business and Trade Secretary Kemi Badenoch and counterparts from the bloc.
Mr Sunak said the deal highlighted the "real economic benefits of our post-Brexit freedoms".
He said: "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."