James Daly welcomes a big boost for businesses in Bury as the UK formally signs its biggest trade deal since Brexit, supporting 827 local businesses and 36,029 jobs in the North West, helping to grow the economy.
Business and Trade Secretary Kemi Badenoch formally signed the treaty to accede to the CPTPP trade bloc in New Zealand on Sunday, kickstarting the UK’s membership of a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature is the formal confirmation of agreement for the UK to join the group, following substantial conclusion of negotiations earlier this year. The Government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilst other CPTPP countries complete their own legislative processes.
The signing comes as a new government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth £182 billion in 2021, by guaranteeing protections for investors.
MP for Bury North, James Daly said:
“Brexit has allowed us to strike free trade agreements with countries around the world and create stronger economic ties with some of the world’s fastest growing economies.
“Joining the CPTPP trade bloc is our biggest trade deal since Brexit, helping businesses here in Bury benefit from tariff-free access to some of the world’s fastest growing economies and supporting 36,029 jobs in the region.
“The Conservative Government is delivering the benefits of Brexit right here in Bury, boosting investment and supporting local jobs.”
Business and Trade Secretary Kemi 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.
“We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country.”
