Topical Questions

Part of Business and Trade – in the House of Commons at on 2 May 2024.

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Photo of Greg Hands Greg Hands Party Chair, Conservative Party, Minister of State (Department for Business and Trade)

I am delighted to be able to do so, and delighted to have such an enthusiastic supporter of CPTPP, which is an enormous benefit to this country. The UK joining will take its share of global GDP from around 11% to just over 15%. The UK will be the first country ever to accede to CPTPP, which includes most of the fastest growing markets in the Asia-Pacific region: the UK joining shows that it goes beyond the region. On accession, we are delighted that Royal Assent has been given to our Trade (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) Act 2024, and we are looking forward to UK ratification in the coming weeks. Three of the 11 parties have ratified so far—Japan, Chile and Singapore—and we look forward to further parties ratifying it in the coming weeks, to make progress on this extraordinary opportunity for this country.