Brexit boost as UK set to sign ‘seismic’ Pacific deal on trade

‘Equivalent economic weight to the EU’

BRITAIN was last night on the brink of a ‘seismic’ trade deal which could cut tariffs with a market worth £9trillion.

The Trans-Pacific Partnership is poised to announce as soon as today that the UK has been formally accepted as a member, opening up trading opportunities with a market of 500million people.

Trade Secretary Kemi Badenoch has been locked in talks for months and the deal is seen as a major post-Brexit opportunity. One Whitehall source last night said negotiations were ‘in the end game’, while another said it was a ‘done deal’.

The partnership, formally known as the CPTPP, comprises 11 countries: Australia, Japan, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, Brunei and Vietnam.

Experts believe Britain’s accession could revive US interest in the partnership, which was abandoned by Donald Trump in 2017.

Shanker Singham, of the Institute for Economic Affairs, said Britain’s accession would give it ‘equivalent economic weight to the EU’.

Mr Singham said the group could act as a ‘bulwark against Chinese market distortions’, although Beijing is interested in joining. He added: ‘UK accession to the CPTPP would be a seismic geo-economic event. For the first time, a major G7 country has chosen to accede to a regional grouping not because it is part of that region but because it represents liberal values and provides economic opportunities.’

Ministers believe the deal could add billions to the value of UK trade.

But the agreement will be studied closely by individual sectors.

Farmers have warned they could be hit hard if ministers open up the agriculture sector to major producers such as Canada too quickly. And trade unions have warned against any deal which would dilute workers’ rights.