CPTPP trade deal won’t be £12tn boost for Britain despite Government’s claims – but it does have some benefits
join the Comprehensive and Progressive Partnership for Trans-Pacific Partnership
The £12tn figure trumpeted by the Government refers to the total GDP of all 12 member states now the UK is a member. It is far from enough to make up for the economic hit that leaving the EU has dealt to Britain so far, estimated last year at 5.5 per cent of GDP. And green campaigners are angry that CPTPP does not contain firmer guarantees of environmental standards.
That does not mean that Britain’s debut as a Pacific trade power is not to be welcomed. Many of the other members – in particular south-east Asian states such as Vietnam and Malaysia – are rapidly growing, meaning the benefits of close economic ties will increase over time.
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