UK signs off on membership to major Indo-Pacific trade bloc
Before signing the deal, Ms Badenoch said: "I'm delighted to be here in New Zealand to sign a deal that will be a big boost for British businesses and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people.
While most of the details were agreed earlier in the year, the terms and conditions of the UK's membership will be published on Sunday.Japanese economic revitalization minister Shigeyuki Goto shakes hands with Kemi Badenoch.While Britain already has trade agreements with the CPTPP members apart from Malaysia and Brunei, officials said it will deepen existing arrangements, with 99% of current UK goods exports to the bloc eligible for zero tariffs.
But some 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. Paul Nowak, general secretary of the TUC, said the agreement could lead to profits for multinational corporations being prioritised over policies like an increase in the minimum wage and bringing energy into public ownership.
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