Few businesses will benefit from CPTPP deal which carries environmental costs

The Government has signed a deal that will see the UK join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership if it is agreed by CPTPP members.

However a Government assessment suggests that initial projections that the deal may only grow the UK economy by 0,08% over the next ten years may actually be an overestimate. Experts have also raised concerns over the requirements for the UK to drop key environmental commitments as part of the deal.

Trade Advisor to the UK Trade and Business Commission and Director of the UK Trade Policy Project at the European Centre for International Political Economy David Henig said,

“While a small economic gain and closer relations with allies are to be welcomed, few businesses and consumers are likely to see benefits from the UK joining the CPTPP.

“There will also be concerns that these limited benefits have come at the cost of our environmental commitments, for example, this deal will see the UK drop all tariffs on palm oil, a major driver of deforestation threatening species like orangutans.

“We need to improve trading arrangements with our neighbours to provide a more meaningful boost for British businesses, something the Government can start on immediately through simplifying visas and committing to regulatory alignment.”