The UK signed the treaty to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Sunday, becoming the first European country to join the major Indo-Pacific trade bloc.
UK Business and Trade Secretary Kemi Badenoch formally signed the treaty in New Zealand on Sunday morning, kickstarting the UK's membership in a trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
The signature marks the confirmation of agreement for the UK to join the group, following the conclusion of negotiations earlier this year. The UK government will now seek to ratify the agreement, which will include parliamentary scrutiny, whilse other CPTPP countries complete their own legislative processes.
The signing comes as a new UK government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.
Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth $238 billion in 2021, by guaranteeing protections for investors, according to a UK government press release.
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