The government has signed an agreement to join an Indo-Pacific trading bloc, although the estimated benefit could only be £1.8bn in GDP
"We've got agreements with many different countries - it is about the size, shape and scale and the cumulative impact of things like rules of origin, which are pooled between this trading bloc."
Asked about the likelihood of an agreement with the US, Ms Badenoch said:"The US is not carrying out any free trade agreements with any country, so I would say very low. It all depends on the administration." She added:"But for now they said that that's not something that they want to do, and we need to respect that.", with Ms Badenoch and Mr Sunak praising the UK being accepted into the bloc in March.
The UK was already set to benefit from its agreements with the CPTPP regardless of the next phase of membership, with exports estimated to rise by 65% by the start of the next decade - valued at £37bn. Ms Badenoch pointed out that the Indo-Pacific is forecasted to be where half of global growth will come from by around the middle of the 2030s, and will continue growing into the middle of the century.Chris Devonshire-Ellis, the chairman of Dezan Shira & Associates which works with investors across Asia, spoke to the Nikkei overnight.
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