including the tunnel in cheongju. the president will return on monday. we are keeping an eye on the story and there will be plenty more on our website. the uk hasjoined a new trading bloc as the cptpp. this is the moment the uk s trade secretary, kemi badenoch, signed on the dotted line in auckland, in new zealand. other members include, australia, canada, chile, japan, mexico and malaysia. but critics of the deal have questioned it s benefits to britain. but critics of the deal have questioned its benefits to britain. the government s own estimates indicate being in the bloc will only add 0.08% less than 1% to the size of the uk s economy in 10 years. our business correspondent marc ashdown has more now on what the deal means for british businesses and the economy as a whole. what this will mean is frictionless free trade for uk exporters. and this is a bloc which generates
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£100 we generate. and, of course, this was all about deals we could sign thanks to leaving the eu. and to give it a bit of context, the government s again own watchdog estimates that the cost of leaving the eu will be a reduction in gdp by about 4% over the next ten years. you touched on it there. brexit, i mean, this is possibly one of many. what are the prospects of other trade deals now being signed? well, yeah, talks are ongoing for a number. bear in mind, this took five years in its inception, this deal. we are in talks with india, of course, the big one though the us. there s nothing looking likely, according to the trade secretary at the moment, kemi badenoch, that is the greatest prize of all, as tory mp put it. and of course signing this deal as well. i mean, this is a bloc which is spread around the world. these countries are thousands and thousands of miles away. so in a climate conscious world we re in now, some are questioning is it sensible to increase trade all the way
about 13% of the world s income. now the uk is on board, this should amount to about £11 trillion. what it means is no tariffs on all sorts of things from cheese and whisky and gin to cars and various bits of machinery. so it should in theory boost our exports. but it is worth noting a couple of things here. firstly, we did have deals already in place with nine out of 11 of these countries in this bloc. and as you alluded to there, in terms of what it s worth to our economy, well, the government s own estimates are that it will provide gains of about 0.08% over ten years. so to give you an idea that s about 8p for every £100 we generate. and, of course, this was all about deals we could sign thanks to leaving the eu. and to give it a bit of context, the government s own watchdog estimates that the cost of leaving the eu will be a reduction in gdp by about 4% over the next ten years.