The UK government has signed an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trading bloc that includes countries such as Australia, Canada, and Japan.
However, the estimated benefit to the UK's GDP is only £1.8bn, according to the government's analysis.
While the UK already has free trade deals with most of the member nations, it does not have an agreement with Malaysia.
The government has also announced that the CPTPP will boost UK exports by £1.7bn and imports to the UK by £1.6bn in the long term.
Trade Secretary Kemi Badenoch emphasized that these figures must be considered in the context of the benefits of being a member of a trading bloc.
Despite the UK's efforts to join the CPTPP, the chances of a trade deal with the United States are considered unlikely.
The US is not currently carrying out any free trade agreements with any country.
While some have welcomed the UK's membership in the CPTPP, others have expressed a more muted response.
Chris Devonshire-Ellis, the chairman of Dezan Shira & Associates, said the impact of the UK's joining the bloc appears to be mainly cosmetic.
Labour's shadow trade secretary, Nick Thomas-Symonds, has called for more details on how the CPTPP will benefit the economy and what support will be given to businesses to access export opportunities.
The Indo-Pacific region is forecasted to be where half of global growth will come from by the middle of the 2030s, making the UK's membership in the CPTPP a significant milestone for UK trade.
However, the government's own assessment shows that the CPTPP is only expected to account for 0.08% of the UK's GDP.
Trevor Phillips, the former head of the Equality and Human Rights Commission, will host Sky News' flagship political talk show when it returns in September.
The show, called Agenda, will be a primetime program that aims to set the political agenda for the week ahead.
Phillips, a prominent figure in the UK's political landscape, has been critical of the government's handling of Brexit and has warned that the ongoing political turmoil is damaging the country's economy and job market.
He has said that the Conservative Party's handling of the Brexit negotiations has caused a "Tory economic crisis" that is harming the country's growth and job prospects.
The upcoming season of Agenda will be Phillips' first time as a regular host on Sky News.
He previously hosted a documentary series on the channel called "The Conscience of the Nation," which explored issues related to race and inequality in the UK.
Phillips' appointment to the show comes at a time when UK politics is in flux.
With the country's exit from the European Union looming, political leaders are struggling to find consensus on how best to move forward.
The Labour Party, led by Jeremy Corbyn, has called for a general election in order to break the Brexit deadlock, while the Conservative Party, led by Prime Minister Boris Johnson
, has refused to hold an election until after the UK has left the EU.
Phillips' experience as a political commentator and his history of confronting issues related to race and inequality in the UK make him a strong choice to host a show that aims to set the political agenda for the week ahead.
His presence on the program is sure to bring a unique perspective to the ongoing political debates and discussions.