Advertisement

Politics latest news: Rishi Sunak says major post-Brexit trade deal puts UK in ‘prime position’

Rishi Sunak is pictured during a broadcast interview at a research laboratory in Oxfordshire yesterday - Jacob King/AFP
Rishi Sunak is pictured during a broadcast interview at a research laboratory in Oxfordshire yesterday - Jacob King/AFP

Rishi Sunak has hailed the UK joining a major Indo-Pacific trade bloc as he said it will put the country in a "prime position in the global economy".

The UK has now formally joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a move which represents its biggest post-Brexit trade deal.

Mr Sunak said the deal highlighted the "real economic benefits of our post-Brexit freedoms".

He said: "We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms.

"As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation."

The deal will cut tariffs for UK exporters to a group of nations which – with Britain’s accession – will have a total gross domestic product (GDP) of £11 trillion, accounting for 15 per cent of global GDP, according to UK officials.

However, critics have said the impact will be limited, with official estimates suggesting it will add just £1.8 billion a year to the economy after 10 years, representing less than one per cent of UK GDP.

You can follow the latest updates below.