Joining CPTPP shows Britain is finally seizing the benefits of Brexit

Even the most ardent Brexiteers would likely admit that the UK has been slow to embrace one of the biggest benefits of leaving the European Union: the quick and nimble pursuit of trade deals. There are understandable reasons for the delay. It made sense for trade secretaries to start with the bi-lateral deals which could be copy-pasted from the arrangements we had in the EU. The first bespoke deal with Australia took time (albeit perhaps didn’t need so many concessions) as it was intended to be a framework that could be used to strike future deals with new countries.

But the UK’s biggest trade win to date may be just around the corner. It is expected that the UK’s accession into the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) will be formally announced tomorrow. We don’t know the details of what has been negotiated yet, so it’s impossible to say just now the extent to which the UK’s new membership will move the trade dial.