The government has hailed its signing of the CPTPP trade pact as a landmark moment that will “strengthen ties with some of the world’s most dynamic economies.” What they didn’t mention is the deal will no almost nothing for London.
CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, to give its full title, is essentially a trade bloc of countries in the Asia-Pacific region. Reaction to the UK joining has been mixed and rather predictably divided down Brexit lines. Cheerleaders of the deal have thrown around ridiculously optimistic figures about the potential economic benefits and have claimed that it will prevent the UK from rejoining the EU while opponents have pointed to the government’s own scoping assessments of the modest economic boost.
