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Government downplays claim Indo-Pacific trade deal will add less than 1% to UK's economy

Trade Secretary Kemi Badenoch has said the UK joining a major Indo-Pacific trade bloc is “about the potential for growth tomorrow” as she downplayed estimates suggesting the deal would boost the economy by just 0.08%. The UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was formally confirmed in a call between Ms Badenoch and counterparts from the group in the early hours of Friday. It represents Britain’s biggest trade deal since leaving the EU, cutting tariffs for UK exporters to a group of nations which – with Britain’s membership – will have a total gross domestic product (GDP) of £11 trillion, accounting for 15% of global GDP, according to UK officials. Critics say the impact will be limited, with official estimates suggesting it will add just £1.8 billion a year to the economy after 10 years, representing less than 1% of UK GDP.

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