The UK will be the first country to join the CPTPP since the group was established in 2018. Sunak said the trade deal would bring economic benefits and boost his "Asia-Pacific" tilt to foreign policy.
Sunak said: "We are at our heart an open and free-trading nation, and this deal demonstrates the real economic benefits of our post-Brexit freedoms.
Downing Street said more than 99 per cent of UK goods exports to CPTPP countries would be eligible for zero tariffs, including products such as cheese, cars, chocolate, machinery, gin and whisky.
But the economic gains are minimal, according to the government’s own projections, and will do little to offset the EU trade losses incurred as a result of Brexit.
The government estimates the CPTPP deal will increase gross domestic product in the long term by just 0.08 per cent, although it said that could rise if Thailand and South Korea join the group.
The decision to join the CPTPP offers a strengthened economic presence in a region that is preoccupied with how to respond to the rise of China, which itself has applied to join the trade bloc.
But the CPTPP deal is contentious, with special criticism levelled at the decision to cut tariffs on imports of Malaysian palm oil, the production of which has been linked to the destruction of rainforest.
Daniela Montalto, head of forests at Greenpeace UK, described the deal as "outrageous", adding that cutting palm oil tariffs would only encourage further destruction.
Another contentious issue raised by the deal was access for beef from Canada. The country’s beef is not on sale in the UK because its cattle are treated with hormones that are banned in Britain.
I agree that cutting palm oil tariffs will surely encourage further destruction. This is very clear and the UK shouldn't accept this. They should be and do better than this. I understand that there are benefits to joining this trade bloc but a country like the UK should demand some changes to bad practices.
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