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UK signs membership of CPTPP - but will it drive faster growth?

Graham Watson

2nd April 2023

The UK has been admitted to the The Comprehensive and Progressive Agreement for Trans-Pacific Partnership - or CPTPP. It's a trading bloc established in 2018, and focused on the Asia-Pacific region.

Please read: UK-Asia trade deal to boost UK economy by 0.08% (BBC)

The humorous element to this is that the UK already has existing trade deals with 9 of the 11 members, barring Malaysia and Brunei, all rolled over from being an EU member and the next effect of the move is expected to boost UK GDP by 0.08% in the next 10 years. Compared to the 4% that Brexit is going to cost us.

Supporters of the scheme argue that this is a pessimistic view and the move is much longer-term than that, positioning us for future gains. I can't help think of Keynes' view of the long-run.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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