Sunak hails £1.8bn Brexit boost as UK signs up to huge Trans-Pacific Partnership
RISHI Sunak today hailed a £1.8billion Brexit boost as Britain signed up to the giant Trans-Pacific Partnership.
The deal, which follows two years of talks, opens the door to free trade with 11 nations including Japan, Australia, Mexico, Malaysia and Singapore.
British businesses will see taxes cut on exported goods including cheese, whisky and cars.
More than 99 per cent of products will become tariff-free in the zone.
The PM said: “We are at our heart an open and free-trading nation.
“This demonstrates the real economic benefits of our post-Brexit freedoms.
“As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation.”
The UK is the 12th state to join the partnership, taking its total market value to a whopping £11trillion.
The deal will add £1.8 billion to the economy in the long run.
And it should trigger £800 million in wage growth compared to 2019 levels.
Matt Fell, director of the Confederation of British Industry, said: “Joining CPTPP is a real milestone for the UK and for British industry.
“Membership reinforces the UK’s commitment to building partnerships in an increasingly fragmented world.”
Most Related Links :
Public News Time Latest News Sports News Finance News Automobile News