Is CPTPP a new dawn for UK trade?

EACH week brings new challenges for Rishi Sunak’s beleaguered UK government, so it is little surprise that the government is trumpeting the news of the country’s formal accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

On the face of it, the deal appears to be a big boon for the United Kingdom. It will be joining a trade area that covers 11 countries that account for 13 per cent of the world’s income, with about 500 million people: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The UK will be the first European country to join the trade agreement, and is projected to be the pact’s second-biggest economy behind Japan.