SHADOW Chancellor and Central Devon MP Mel Stride has welcomed the UK joining a major trade bloc.

The country became the first European nation to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, December 15 following years of procedure.

Member states of the CPTPP have a combined GDP of £12 trillion. They are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and now the UK.

It is anticipated the UK’s membership of the CPTPP could boost the economy by as much as £2 billion a year, compared with levels of GDP projected for 2040 without the CPTPP deal.

“The deal places the UK amongst the fastest growing economies in the world and will create new opportunities for British businesses and workers in the UK,” Mr Stride said.

“The CPTPP is one of the most modern trade agreements in the world and is expected to grow exponentially in the coming years.

“As the second largest economy in the CPTPP, the UK will be placed to maximise our influence in shaping the future of the bloc in line with our interests.”

Mel Stride has been the Conservative MP for Central Devon, which covers a wide area including Crediton, Okehampton and Ashburton, since 2010.

He was appointed Shadow Chancellor of the Exchequer in November under Kemi Badenoch’s leadership.

He was Work and Pensions Secretary in Rishi Sunak’s government until the Conservatives lost the general election in July.

The 63-year-old narrowly beat the Labour candidate for Central Devon by just 61 votes, despite going into the election with a 17,721-strong majority.

Married with three daughters, Mr Stride studied PPE at St Edmund Hall, Oxford.

He then set up events and publishing company Venture Marketing Group in 1987. He and his wife Michelle still hold shares and voting rights in the business.