Beautiful Virgin Islands

Wednesday, Jul 16, 2025

Britain strikes biggest post-Brexit trade deal

Britain strikes biggest post-Brexit trade deal

The United Kingdom has clinched its biggest trading deal since leaving the European Union three years ago, though critics say it pales into insignificance compared to Brexit losses.
On Friday, the government announced Britain was joining the Asia-Pacific trade pact, known as the CPTPP, which includes Japan, Mexico and Australia.

The UK economy will receive a 1.8 billion pound (2 billion euro) boost in the long run, with tariffs on goods such as cheese, cars, chocolate, machinery, gin and whiskey slashed, said the government.

They expected the CPTPP to increase the size of the economy by a modest 0.08% in ten years.

Brexit will reduce the UK's long-term potential economic growth by 4% in the long term, according to the Office for Budget Responsibility, which advises officials.

The new trade area covers a market of around 500 million people and around 15% of world GDP, with the UK.

Pointing out that the country could not have joined if it was in the EU, Downing Street said the pact "seizes the opportunities" of "new freedoms" post-Brexit.

The UK already had free trade deals with most members of the CPTPP, some of which were rolled-over agreements struck by the EU.

Many Brexit "benefits" promised by the Leave Campaign, such as an extra 350 million pounds (398 million euros) for the country's public health care system, have not materialized.

Polling suggests a majority of Britons now think it was wrong to exit the EU, though a recent report suggested chances of rapprochement are 'slim'.

“Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies, as the first new nation and first European country to join,” said Prime Minister Rishi Sunak.

The deal comes amid an “Indo-Pacific tilt” in London's economic and foreign policy, viewing the region’s economic growth and China’s rising influence on the world stage.

Critics said the deal with nations thousands of kilometers away is insignificant compared to Britain’s trade with the 27-strong EU, also the world's richest trading bloc.

Brexit has created large barriers to trade between Britain and the bloc, which remains by far the UK’s biggest economic partner.

David Henig, a trade expert at the European Center for International Political Economy, said CPTPP membership would not have a huge economic impact but “on balance” it was good for Britain.

“Doesn’t do a lot for us (services provisions for example are weak), but trade policy is all about marginal gains these days, and it should be that,” he wrote on Twitter.

London has concluded trade treaties with the EU, but also with more distant countries, such as Australia, New Zealand and Singapore.

Discussions are underway with India and Canada.

An agreement much hoped for by the British government with the United States is long overdue and negotiations with Washington are stalling.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
×