CPTPP trade deal will benefit UK if we use it says Kemi Badenoch
0In this video, we explore the UK's newly signed trade deal with 11 nations in the Asia-Pacific region, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The Business Secretary, Kemi Badenoch, emphasizes that the UK will only benefit from the deal if it actively utilizes it. While the agreement is expected to bring marginal gains to the UK economy, it opens up opportunities for businesses by reducing trade restrictions and tariffs on various goods. Joining the CPTPP allows the UK to tap into the fastest-growing region in terms of global growth. However, critics raise concerns about the deal's impact on workers' rights, environmental standards, and British farmers. The government highlights that CPTPP-owned businesses already employ a significant number of people in the UK. The British Chambers of Commerce sees potential benefits for small- and medium-sized businesses in terms of reduced import costs. The article also discusses the delay in signing a free trade agreement with the US and the ongoing discussions regarding China's potential membership in the CPTPP. Overall, while the CPTPP signing is viewed positively, its transformative impact is expected to be modest.For more details, read the full article at: https://www.bbc.com/news/business-66214927