David Frost has warned Remainers that they are “about to be humiliated” as the UK prepares to join the CPTPP.
The UK’s accession to the free trade agreement which covers both sides of the Pacific Ocean was formally confirmed in a telephone call between Trade Secretary Kemi Badenoch and counterparts from the group.
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 accession – will have a total gross domestic product (GDP) of £11 trillion, accounting for 15 per cent of global GDP, according to UK officials.
But according to Office for Budget Responsibility (OBR) forecasts, the deal will only add 0.08 per cent to the size of the UK economy in 10 years.
Cutting ties with the European Union, meanwhile, is expected to reduce the UK’s potential economic growth by about 4 per cent over a similar period.
Writing in The Telegraph, David Frost tried to remain upbeat about what the trade deal could deliver.
He said: “Many mocked Boris Johnson’s “Global Britain” slogan and told us that Britain could not hope to establish a global role on its own.
“I think we can be confident that this judgment is now comprehensively disproven.”
Perhaps it’s time we all eat some humble pie, in that case. Or something a little less glamorous, preferably made with turnips.
Related: Badenoch downplays claims UK-Asia trade pact will only boost economy by 0.08%
