Business leaders welcome Indo-Pacific trade deal

The UK 's membership of a fast-growing international trading bloc could open up new opportunities for businesses in the West Midlands, business leaders said today.

Business and trade secretary Kemi Badenoch signed off the accession protocol for the UK to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during a trip to New Zealand.

Britain is the first new member to join the bloc - comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam - since its formation in 2018.

The UK is also the first European nation to gain entry.

The signing is the formal confirmation of the agreement which was reached in March after two years of negotiations.

The government says the move will allow British firms to sell to a market of half a billion people.

Greater Birmingham Chambers of Commerce said the agreement will provide an immediate boost to trade levels, as well as opening up new opportunities globally.

Mandy Haque (pictured), international director at Greater Birmingham Chambers of Commerce, said: “The UK 's accession to CPTPP is a landmark occasion for the United Kingdom - not only will it offer an immediate boost to our trade levels, but it also opens up new opportunities for businesses looking to enter a rapidly growing trade bloc in the global economy.

“By cutting red tape and reducing tariffs, formally joining the CPTPP will help to reduce import costs for UK companies, improve data flows and help to diversify our supply chains by enhancing our trade links across the Asia Pacific and Americas.

“Ultimately the accession will also play an important role in driving investment from CPTPP countries in the UK and the West Midlands, especially given the strength of our manufacturing base.

“As always, the Greater Birmingham Global Chamber of Commerce is primed to help those local firms that keen to explore trade opportunities in a high growth international market - full details can be found on the website. ”

Find out more about Greater Birmingham Global Chamber of Commerce.