Rishi Sunak sets sights on joining £8.4TRN trade bonanza after urgent call with Australia

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Rishi Sunak spoke with Australian Prime Minister Anthony Albanese on the phone this morning, where they discussed the development of a major £8.4 trillion trade deal, known as the CPTPP. Mr Sunak said he was “excited by the relationship between the UK and Australia”, which he said was “built on deep friendship and a shared approach to global challenges.” He added: “The Free Trade Agreement, AUKUS and the UK’s potential accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership were all examples of the strength of the relationship”. 

A Downing Street Spokesperson said: “The Prime Minister welcomed Australia’s strong support to Ukraine, including the decision to deploy Australian military to the UK to train Ukrainian forces.

 

“Both looked forward to meeting in person at the G20 next month.”

The CPTPP is a multilateral free trade agreement signed by 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico and New Zealand. 

Signed in 2018, joining the CPTPP would bring tremendous benefits to the UK as it would allow Britain to work more closely with other Pacific Rim economies as the Partnership develops.

The UK began market access negotiations with CPTPP countries in February this year, to begin the process of joining the trade block. 

Former Trade Secretary Anne-Marie Trevelyan described it as “one of the largest and most exciting free-trading clubs in the world”.

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