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The Government has promised a post-Brexit bonfire of trade barriers, expected to deliver up to £20billion worth of exports for the UK economy. Minister of State for Trade Policy Greg Hands told the House of Commons that the Government has so far removed 192 trade barriers across 79 countries, claiming that “the removal of just 45 of those barriers is estimated to be worth about £5billion for business over five years”. But he said the Government plans to go further, saying that there are 100 trade barriers worth £20billion set to be removed in the coming months.
Mr Hands explained: “We want to do more. The 100 trade barriers on our most wanted list have the potential to deliver £20billion of export opportunities for business across the UK.”
Trade Secretary Kemi Badenoch said the UK removes a “new trade barrier somewhere around the world” every week.
In a statement, she added: “From whisky in Argentina to gin in Angola, we’re slashing red tape and opening access to new markets and new customers.
“With these trade obstacles gone and more to follow, my message to UK businesses is clear – make the most of the huge global appetite for your fantastic products and sell to the world.
“As we line up deals with huge markets around the globe, including India and CPTPP, I can’t wait to celebrate the even greater wins which lie ahead.”
The CPTPP is a multilateral free trade agreement worth £8.4 trillion.
A total of 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico and New Zealand, are involved in the partnership.
Signed in 2018, joining the CPTPP would bring tremendous benefits to the UK as it would allow Britain to work more closely with other Pacific Rim economies as the Partnership develops.
Last week, Prime Minister Rishi Sunak spoke with Australian Prime Minister Anthony Albanese to discuss the progression of the trade agreement.
Mr Sunak said he was “excited by the relationship between the UK and Australia”, which he said was “built on deep friendship and a shared approach to global challenges.”
He added: “The Free Trade Agreement, AUKUS and the UK’s potential accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership were all examples of the strength of the relationship”.
The UK began market access negotiations with CPTPP countries in February this year, to begin the process of joining the trade block.
Former Trade Secretary Anne-Marie Trevelyan described it as “one of the largest and most exciting free-trading clubs in the world”.
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