![]() ![]() The CPTPP is a trade bloc consisting of 11 countries - Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and Canada. "That's not the approach that the Labour Party or a Labour government would take," Mr McFadden said. He pointed out the damage done to the UK's international reputation by the government threatening to set parts of its deal with the EU aside unilaterally. This boost is said to be equivalent to be around £1.8bn by the end of the decade.Īsked if Labour would keep the deal, Mr McFadden said it was "really important" that international partners did not think any agreements signed with the current administration would be torn up by a "successor". "Although I do know that in the government's own press release, the boost in the estimate to the economy looks pretty small over the next ten years." "British business, British companies, have great strengths - so having access to a new and growing markets could be a boost to the economy. "But on the face of it, this can give us new opportunities to trade with fast-growing economies around the world. "Because what we've experienced over the past few years is that when the government has signed trade deals, very often once you look at the detail, they're not quite as advantageous as the government has first claimed. Mr McFadden said: "We support free and open trade, so we'd give this a welcome, but also a cautious welcome. He told Sky News that sometimes the detail of trade deals signed by the government are "not quite as advantageous as the government has first claimed". Pat McFadden, the shadow chief secretary to the Treasury, has been speaking to us about the UK joining a new Indo-Pacific trade deal. Ms Badenoch pointed out that in around seven years' time around 40% of the "global middle class" will live in the Indo-Pacific, and the UK was creating "new pathways" for easier trade. ![]() "It's not about what it's making today, but about the potential, the synergies. "So people should look at these projections in terms of buying a start-up, which is going to grow and become huge in the future. "We have an EU, every day we're working to make it better, but we're also able to do more on the outside of the EU. "But the thing I would want your viewers to understand is this is not to replace EU trade, it's in addition to EU trade. "It's sort of a rough draft of where you want to start from. ![]() "It was a scoping assessment done two years ago based on 2014 figures. "And then they gave the context of the figures," she said. Ms Badenoch pointed out that the numbers are from her own department - and she asked the exact same questions about why the UK was doing this. This compares to a 4% decrease due to the UK leaving the EU. She played down the fact that government analysis showed the benefits to joining will amount to just 0.08% of GDP. Kemi Badenoch, who is business and trade secretary, has spoken to us about the government's newly agreed deal to join the CPTPP. ![]()
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