- Trade Minister embarks on three-day trip to
Vietnam, Malaysia and Singapore
- High level trade talks will focus on benefits of UK joining
CPTPP, which would take trade bloc’s GDP to £11 trillion
- Visit underlines UK’s post-Brexit shift to boost trade with
Indo-Pacific region – predicted to account for majority of global
growth by 2050
Trade Minister arrives in Vietnam, Malaysia and
Singapore on Wednesday [1 Feb] for high level trade talks on how
the UK joining CPTPP will boost the economic clout of the world’s
most dynamic trade bloc.
The UK’s membership of the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP) will add another
like-minded partner and strong voice to this powerful alliance,
taking the trade bloc’s GDP to £11 trillion, or from 12 to 15% of
global GDP. It will give UK businesses tariff-free access on over
99% of goods to a market of around 500 million customers.
As a major economy and strong advocate of free trade, our
membership will support the trade bloc to shape the high
standards of global trade – particularly in the face of increased
protectionism.
With the next round of CPTPP negotiations taking place soon, the
Minister will express the UK’s desire to finalise accession at
the earliest opportunity – a top priority for both the Trade Secretary, Kemi
Badenochand the Minister.
Minister of State for Trade Policy said:
“Joining CPTPP will add even more economic clout to this exciting
and dynamic trade alliance, helping it grow to £11 trillion or
from 12 to 15% of global GDP.
“This visit will also strengthen our bilateral trade
relationships with Vietnam, Malaysia and Singapore – which total
£32bn. These fast-growing economies represent huge opportunities
for our life sciences and technology sectors.”
Starting in Vietnam, the Minister will head to Hanoi for talks
with Vice Minister for Trade & Investment Tran Quoc Khanh. He
will also celebrate 50 years of diplomatic relations with
Vietnam.
He will then travel to Malaysia to sit down with the Minister of
International Trade and Industry, Tengku Zafrul Aziz and the
Minister of Economy YB Rafizi Ramli.
Malaysian investment into the UK has grown considerably, jumping
57% between 2020 and 2021 to reach £2.4bn, with the recent £9bn
redevelopment of Battersea Power Station by a Malaysian
consortium symbolising this success.
Finishing in Singapore, Hands will meet with the Minister for
Trade and Industry, Minister Gan to discuss CPTPP and the
UK-Singapore Digital Economy Agreement (DEA) signed last summer.
The UK-Singapore DEA is the world’s most innovative trade
agreement. The Minister will see first-hand how it is fuelling
digital trade, benefitting UK and Singaporean businesses.
Notes to editors:
- International Monetary Fund – World Economic Outlook Database
- ONS UK total trade: all countries, seasonally adjusted (Q3
2022)
- ONS FDI totals for inward and outward flows, positions and
earnings: 2020 and 2021
