Badenoch hails CPTPP trade deal
Kemi Badenoch today hailed Britain for “forging a bold new future” as two post-Brexit trade deals are set to come into force. The Business and Trade Secretary said the agreements with Australia and New Zealand will turbocharge economic growth.
The deals are the first the UK has negotiated from scratch since leaving the EU and are due to go live at midnight on May 31.
It comes weeks after Britain’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) bumper Indo-Pacific trade bloc was confirmed.
Ms Badenoch said: “With these two deals the UK is using our status as an independent trading nation to tailor agreements to our country’s economic strengths.
“Alongside our recent conclusion of talks to join CPTPP, the Government is forging a bold new future alongside the world’s most dynamic and fast-growing economies.
“Putting these trade deals into action will help create new opportunities for business, boosting wages and helping spur economic growth.”
Rishi Sunak, who is meeting his Australian counterpart Anthony Albanese and New Zealand’s Chris Hipkins tomorrow for talks in Downing Street, said the deals would help grow the UK’s economy.
The Prime Minister said: “As some of our closest allies, and greatest friends, I am delighted our first built-from-scratch trade deals are with Australia and New Zealand.
“These landmark deals squarely deliver on my priorities to drive economic growth, boost innovation and increase highly skilled jobs across the UK, ensuring we and our closest friends continue to prosper for generations to come.”
The deals are expected to increase bilateral trade with Australia by 53 percent and with New Zealand by 59 percent in the long term, according to the Department for Business and Trade.
Officials said the deals are tailored to the UK’s strengths as a services-led economy.
The agreements will remove tariffs on all UK goods exports, open unprecedented access for services and slash red tape for digital trade.
They will also make it easier for UK professionals to live and work in Australia and New Zealand.
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