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Scoop.it!
The business secretary's comments come as she signs off a new deal with 11 Asia and Pacific nations. 
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Scoop.it!
As African heads of state sign the first continent wide free trade deal, what will it mean for the people that live there? The BBC's Nancy Kacungira explains.
Graham Watson's insight:
It seems like Africa is on the brink of its first continental-wide free trade deal, with almost all nations about to sign up to the African Continental Free Trade Area (ACFTA) looking to foster intra-African trade. As a point of comparison, around 70% of EU trade is intra-EU trade. However, in Africa the figure is only 16% and a free trade area is likely to boost that, raising living standards and welfare as a result of trade creation.
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The UK has joined The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - the first non-founder member to join. The 11 member group currently accounts for around 13% of global income, and is anticipated to grow faster than the rest of the world in the next few years.
However, for all the Business Secretary's claims about the significance of the deal, it's own estimates only suggest that it will add 0.08% to GDP in the next decade. If only we'd thought of joining local trade partnerships.