BRITAIN’S businesses have been urged to get ready for a trade deal predicted to open up a market of around half a billion people.
Prime Minister Boris Johnson, below, promised that joining the “mighty” Pacific trading block “will mean lower prices on our supermarket shelves”.
It is a glimmer of good news for the country after it emerged householders could face energy bills of £6,000 next year as the cost-of-living crisis worsens.
Mr Johnson and Foreign Secretary Liz Truss believe a post-Brexit deal with 11 Pacific-facing countries could boost exports by £18billion.
This would meaning lower prices for imports, and International Trade Secretary Anne-Marie Trevelyan said businesses can start counting down to the UK joining the bloc, whose members have a combined £9trillion GDP.
Negotiations are due to conclude by the end of the year.
Champions of the deal say it has a “key role to play in mitigating inflation and tackling the global cost-of-living crisis”.
Mr Johnson said: “Thanks to our top-notch trade negotiators and brilliant British businesses, the UK is on the way to becoming the first new country to join the Trans-Pacific Partnership.
“Becoming a member of this mighty bloc, which stretches from Canada to Japan, will mean lower prices on our supermarket shelves and open up a market of almost half a billion people for British businesses.
This story is from the August 21, 2022 edition of Sunday Express.
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This story is from the August 21, 2022 edition of Sunday Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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