The EU is the largest Single Market in the World and was Britain's biggest trading partner with 45% of the UK's exports going to the EU but when we had a complete mental breakdown and voted to leave, our GDP took a dive by 4% and has never recovered since so at some point we may get out act together and rejoin but for now we have the but we have signed up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP.
As of 1 September, the UK gained full access to the World’s largest free trade area which includes a diversified group of so called middle power economies including Canada, Australia, Japan, New Zealand, Singapore, Chile, Mexico, Peru, Malaysia, Brunei and Vietnam.
With a combined GDP of around £13 trillion (14% of global GDP or about half of the European Union GDP) is not to be sneezed at and the government is estimating that CPTPP membership will boost the UK’s economy by around £2bn a year.
A range of other countries, including South Korea and the United Arab Emirates, are apparently considering joining and some are saying that in time it could conceivably overtake the EU over the coming years.
I'm not sure why the Government are not shouting about this louder, maybe because people will just see it as another EU style agreement and the rules and regulations which came with being a member of that club which was so divisive for some but as the EU do have agreements with CPTPP and the two sides engage in formal trade and investment dialogues to strengthen cooperation so in a round about way, we may be back in sooner rather than later anyway.
Sunday, 13 September 2026
UK CPTPP
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