Truss identifies £37BN boom from trade group outside EU UK will be global digital hub

Liz Truss slams SNP for 'harking back to EU' on deal

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The International Trade Secretary Liz Truss has said the UK’s membership “helps position Britain as a global hub”. Boris Johnson said there was an “exciting opportunity to build on this country’s entrepreneurial spirit and free-trading history” as negotiations will formally launch on Tuesday over the UK becoming part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Speaking to Sky News, Ms Truss said: “We know that exports are likely to grow by £37 billion.

“We know that on a static analysis GDP is set to increase by £1.8billion.

“All those things added up will make a huge difference to our economy.

“But what is also does, you mention the US, there are a list of countries who want to join CPTPP whether it’s Taiwan, Thailand, the Philipppines.

“What this will mean is the UK will be on the inside of this trade areas.

“It will help us gain access to further markets once we’ve joined.”

She added: “What we know is by 2030, two thirds of the middle class are going to be in the Asia region.

“Those people are going to want to buy the types of goods Britain excels at whether it’s high quality food and drink or digital, some of the work from our great technology companies.

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“That’s why these agreements are really important.

“CPTPP has very high standards in areas like digital and data and it will make it easier to sell our products there.”

The UK applied to join in February, and earlier this month the CPTPP announced that the accession process would begin.

Dominic Raab arrived in Hanoi, Vietnam, on Monday ahead of the accession process beginning on Tuesday.

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The UK already has trade agreements with seven CPTPP members, but Mr Johnson said: “Membership of the CPTTP free-trade partnership would open up unparalleled opportunities for British businesses and consumers in the fast-growing Indo-Pacific.

“It’s an exciting opportunity to build on this country’s entrepreneurial spirit and free-trading history to bring economic benefits across the whole of the UK.”

The Government said CPTPP members have a combined GDP of £9 trillion, and it is hoped that joining the alliance would open up access to some of the world’s biggest current and future economies.

Officials predict that UK exports to CPTPP countries will rise by 65 percent (£37 billion) by 2030.

And the Government said CPTPP membership would lower tariffs on British cars and whisky, with tariff-free trade for 99.9 percent of exports.

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