Labour comments on possible UK accession to Comprehensive Progressive Trans-Pacific Partnership (CPTPP) – Emily Thornberry
Labour’s Shadow Trade Secretary Emily Thornberry has warned the Government that the forecast benefits of UK accession to the Comprehensive Progressive Trans-Pacific Partnership (CPTPP) are “alarmingly small compared to the price we are paying to join”.
The Government’s newly-published scoping paper states that accession to the CPTPP will deliver a 0.08 per cent (£1.8bn) increase in UK GDP, which will fall to just 0.017 per cent (£400mn) if the Malaysia government maintains its current refusal to ratify the agreement.
Shadow International Trade Secretary, Emily Thornberry, said:
“Labour welcomes any trade agreement that will create jobs in our country, help our exporters do more business abroad, and support our economic recovery, and if the CPTPP can offer those benefits, then as a country, we would be foolish not to think about joining.
“But we would be equally foolish not to consider the risks. Our farming industry is under severe threat as a result of the preparatory deals the Government is signing with Australia, New Zealand and Canada, and the CPTPP provisions for Investor State Dispute Settlement should concern us all.
“We have to be sure that the benefits are worth the risks, and if those benefits could be as low as a 0.017 per cent increase in GDP, then that is alarmingly small compared to the price we are paying to join, and the jobs we are putting at risk, in our country’s farming communities.”