RE: UK in the CPTPP16 Jul 2023 10:12
What's in it for the UK?
The short-term gains are marginal.
The UK already had deals with the majority of these nations as part of its EU membership which have been carried over.
Since Brexit, the UK has added Australia and New Zealand to its trade deal tally.
It was just Brunei and Malaysia left that the UK didn't have a deal with and between them those two account for less than 0.5% of the total of UK trade.
Even with some changes to the trading arrangements with other countries, the gains from the expanded accord is expected to be fairly small - around 0.08% of GDP over 10 years, according to the government's best stab at an estimate.
However the Business and Trade Secretary likens CPTPP to a start-up, indicating the estimates do not account for the fact that some members - for example, Vietnam - are rapidly growing in importance in global trade.
Even so, by contrast, leaving the EU, the government's independent forecasters reckon, will have reduced the UK's growth by far more - perhaps 4% of our income.
In total, the CPTPP accounted for 8% of UK exports in 2019 - less than we sold to Germany.
https://www.bbc.co.uk/news/explainers-55858490