Prime Minister Rishi Sunak claims joining the 11-strong trade area will 'demonstrate the real economic benefits of our post-Brexit freedoms'
said the UK's accession to the CPTPP was formally confirmed in a telephone call between her and counterparts from the group at 1am BST on Friday.
While the UK already has trade agreements with most of the CPTPP members, apart from Malaysia, UK officials said it would deepen existing arrangements, with 99% of UK goods exported to the bloc now eligible for zero tariffs. The deal has been praised by a number of business groups, including the Confederation of British Industry , Standard Chartered bank and the world's second-largest wine and spirits seller Pernod Ricard.But other trade experts have warned it will not make up for the economic hit caused by leaving the European Union.in September 2021 when Boris Johnson was in Downing Street.
However, critics said the impact will be limited, with official estimates suggesting it will add just £1.8bn a year to the UK economy after 10 years, representing less than 1% of UK GDP.
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