CPTPP: Conclusion of Negotiations
Henry Smith Excerpts(1 year ago)
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Kemi Badenoch
My right hon. Friend will be very pleased to know that I have good news for his sheep farmers, which is that we have created more liberalised market access for them in many of the CPTPP countries. That includes some countries with which we already had deals, but now there will be staged liberalisation—in countries such as Mexico, in particular, there will be significant benefits. As I said earlier, we know that exporting is what will be most helpful to our agricultural sector, and ensuring that farmers in my right hon. Friend’s constituency have more markets and deeper, broader markets to export to is one of the reasons why I am very proud to be supporting this deal.
Henry Smith (Crawley) (Con)
Unlike the distinct lack of opportunity and ambition among Opposition Members, I very much welcome the UK’s acceding to the CPTPP—it is a real commitment to the Pacific region and to global Britain. What assessment has the Secretary of State made of the future share of the global market of the CPTPP versus that of the European Union?
Kemi Badenoch
Quite a significant assessment. As I said in my statement, CPTPP is a trade bloc with over 500 million people and a collective GDP worth £9 trillion, but compared with the EU, it is growing faster. In terms of GDP, the partnership is projected to grow faster than the EU, with the countries currently in the CPTPP expected to increase in size by nearly 60% over the next three decades, compared with 42% for the EU.
One thing that I really want to emphasise, because there seems to be some confusion about this in the broader narrative, is that this is not a deal to replace our deal with the EU. We already have a free trade agreement with the EU—we did not leave with no deal—so we will be the only country that has such a comprehensive EU free trade agreement and is a member of CPTPP. That is quite a unique and fantastic position for the UK economy to be in, so I hope that that is something I have been able to clarify for Members across the House.