The UK government on Sunday hailed what it said was its biggest trade deal since Brexit, as it formally signed a treaty to join a major Indo-Pacific bloc. | ManilaBulletin READ:
Business and Trade Secretary Kemi Badenoch signed the accession protocol for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in New Zealand.
It has been seen as a bulwark against Chinese dominance in the region, although Beijing has applied to join. Sunday's signing at a CPTPP meeting in Auckland was the formal confirmation of the agreement for UK membership after nearly two years of talks. The agreement is expected to come into force in the second half of next year, after parliamentary scrutiny and legislation.UK accession to the CPTPP -- the successor to a previous trans-Pacific trade pact that the United States withdrew from in 2017 under president Donald Trump -- has, however, been met with a mixed reception.
The UK already has trade deals with 10 of the 11 other CPTPP members, and analysts estimate the eventual economic boost to the country is £1.8 billion -- a 0.08 percent annual GDP increase.
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