MARK Jenkinson MP has welcomed a major boost to businesses in the Workington constituency as the UK formally signs the biggest trade deal since Britain left the EU.
Leaving the EU has allowed the UK to develop an independent trade policy and forge closer economic and diplomatic ties with the world’s fastest growing economies.
The UK has become the first European country to join the CPTPP bloc, worth £12 trillion and 15 per cent of global GDP.
With 500 million people across CPTPP countries, this trading opportunity will boost investment and support hundreds of thousands of jobs across the UK.
The North West region alone has 827 CPTPP-owned local businesses, supporting 36,029 jobs.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting the UK’s membership of a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year.
The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes.
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
Mark Jenkinson MP said: “Brexit has allowed us to strike free trade agreements with countries around the world and create stronger economic ties with some of the world’s fastest growing economies.
“Joining the CPTPP trade bloc is our biggest trade deal since Brexit, helping businesses here in the Workington constituency benefit from tariff-free access to some of the world’s fastest growing economies.
“The Conservative Government is delivering the benefits of Brexit right here in Workington, boosting investment and supporting local jobs.
