joining the club — the uk signs a deal to become a member of a trans—pacific trading bloc. we'll have all the important details.

and inflation falls sharply in the eurozone. will the european central bank change direction as a result? welcome to world business report. i'mjagdip cheema. let's start with an important trade deal, because the uk has struck a deal to join a trans—pacific trade pact consisting of 11 countries. together, these pacific—rim countries — which doesn't include the usa — account for 13% of global gdp. the pact — it's called the comprehensive progressive agreement for trans—pacific partnership — aims to cut 95% of import charges or tariffs. the initial gains for the uk economy may be only marginal, though — that's according to the government's own estimates. we're nowjooined by our global trade correspondent, dharshini david.

on one hand these 11 countries account for 13% of the world's income, but for the uk it might only be marginal growth as a result, is this a big deal?— this a big deal? really good question- — this a big deal? really good question- ct _ this a big deal? really good question. ct ptt_ this a big deal? really good question. ct ptt is- this a big deal? really good question. ct ptt is more i this a big deal? really good l question. ct ptt is more than this a big deal? really good - question. ct ptt is more than an unwieldy mouthful, it is a pact between 11 fast—growing nations and between 11 fast—growing nations and between them it is reducing those tariffs are making it easier to trade with each other, invest each other, supply chains should run more smoothly so why when you look at the government of the uk's own investments we are looking at 80p for every £100 of income in ten years. the answer was the uk already has trade deals with all but two of the current members of cptpp —— of 8p per one had japan's. the current members of cptpp —— of 8p per one had japan's_ and the current members of cptpp —— of 8p per one had japan's. and there is a price to admission, we have had to

give more access in the uk to foreign farmers, not too much more, the farmers here don't feel too uncomfortable but you would say why all the negotiations to join this club, and the answer is the longer term potential, because the countries involved are the faster growing nation so there is a chance you could see deeper ties on services, digitaltrade you could see deeper ties on services, digital trade and the possibility of new members too like thailand, south korea, philippines and even china, those are some of the names being bandied around. this is not a get rich quick scheme but there are other things going on too. the uk has ambitions of a trade deal with china, willjoining this pack to strengthen its hand or prove an obstacle? a , to strengthen its hand or prove an obstacle? n, , . , ., obstacle? many in the west are ara- linu obstacle? many in the west are grappling with _ obstacle? many in the west are grappling with how _ obstacle? many in the west are grappling with how to _ obstacle? many in the west are grappling with how to approach| grappling with how to approach china. is it a friend, is it a foe, somebody to collaborate with on trade or competition, and what about its ultimate ambitions? we know

china is applying tojoin its ultimate ambitions? we know china is applying to join this club and any member can veto it so the big question is whether the uk will use its pellets to veto china's membership. it is pointing to other membership. it is pointing to other members saying they have voiced some unease about china joining. but will it also use this to get china to join the club at abide by certain rules, for example about how you treat state—owned enterprises and what you can do about funding those? the way they are looking at it in the uk, this is about geopolitical influence and it is a signal of intent, pivoting away towards asia pacific and at the same time trying, the uk hopes, to change the rules. thank you, dharshini david, for explaining. let's focus on europe now, because the latest figures show eurozone inflation has fallen sharply for the 12 months to march. it's not unexpected, and it follows a series of falling domestic inflation numbers across the eurozone

in recent days. consumer prices across the eurozone fell to 6.9% from 8.5% in the previous month. however, food and drink prices both continue to rise sharply. professor tobias broer is a macro—economist at the paris school of economics. so bias, inflation across the eurozone is down this month, yesterday inflation numbers were out in germany and spain, also down sharply, but there are concerns this could be temporary. —— tobias broer, inflation across the eurozone is down this month.— inflation across the eurozone is down this month. when you look at the underlying _ down this month. when you look at the underlying numbers, _ down this month. when you look at the underlying numbers, which - down this month. when you look at the underlying numbers, which is. down this month. when you look at i the underlying numbers, which is not unexpected, one number stands out, the inflation of energy related goods which rose 14% in the year until february but fell by almost 1% in the year to march, which is linked to the high volatility of

energy prices we have seen in the spring of last year after the russian invasion of ukraine which kind of gives rise to this relatively volatile pattern of inflation one year later. if you abstract from that then we have a continued rise in inflation in most other categories but those writers are easing a little bit and we may well see some volatility linked to these, as we call them, base effects of energy price inflation in the months to come but i think the picture overall is one of the celebrating inflation, although there are for sure strong price pressure is still in the pipeline related to food price inflation that you mentioned but also more generally related to wage deals we have seen in the recent past which indicates quite strong wage growth indicates quite strong wage growth in many countries in europe. the big

auestion is in many countries in europe. the big question is what _ in many countries in europe. the big question is what will _ in many countries in europe. the big question is what will brussels, - in many countries in europe. the big question is what will brussels, the i question is what will brussels, the european central bank, due next? given the inflation has been falling, willing to pause rate rises going forward? you falling, willing to pause rate rises going forward?— falling, willing to pause rate rises going forward? falling, willing to pause rate rises auoin forward? ., , going forward? you may interpret the fact that this — going forward? you may interpret the fact that this fall — going forward? you may interpret the fact that this fall in _ going forward? you may interpret the fact that this fall in inflation - going forward? you may interpret the fact that this fall in inflation was - fact that this fall in inflation was a slightly more pronounced than what we economists had expected, that this gives the ecb some room for pausing its tightening cycle in the coming months. i personally think the overall picture is one of a continued but expected decline in inflation and what i believe it's more important at the moment is what happens in financial markets, particularly the pressure we have seenin particularly the pressure we have seen in recent weeks in the european banking system, remember we have seen some regional banks in the us collapse and this has spilled over

to europe. my personal view is that the banking system is in quite good shape and therefore the ecb will continue with its tightening cycle although at a slower pace until the end of the year.— end of the year. tobias broer from the paris school _ end of the year. tobias broer from the paris school of _ end of the year. tobias broer from the paris school of economics, - end of the year. tobias broer from i the paris school of economics, thank you forjoining us. the president of the world bank has told the bbc, that he is concerned about some of the loan conditions that china has been attaching to developing countries. it comes as china competes with the us for influence in africa. my colleague aaron heslehurst has been speaking to the world bank president david malpass, and asked him if developing economies would suffer as a result, of the us—china competition. both of those big economies are potential investors within... around the world. and so the countries are competing for that investment, and that's maybe healthy for developing countries to look and see that there are options. what i encourage strongly is that they be transparent in their contracts. that's been one of the problems. if you write a contract and say,

"but don't show it to anybody else," that's a minus, so get away from that. and also from the collateral. for governments in africa, they shouldn't be offering collateral as an inducement to make a loan because it locks it up for generations. that's what's been happening, right? that's been happening. and you can see more of that interview with the president of the world bank on talking business with aaron heslehurst this weekend, on the bbc news channel at 15:30 on saturday here in the uk, and in the rest of the world on bbc world news, where the first airing will be at 21:30 gmt on friday. in other news... indian authorities have reportedly taken action to clamp down on fake pharmaceutical products. a government source has told reuters, that the licences of some drugs companies have been cancelled or suspended over the past 15 days. the country's health minister has confirmed a crackdown without giving further details.

last year dozens of child deaths in gambia and uzbekistan, were linked to drugs exported by indian—based companies. the latest data from nationwide, shows that uk house prices have fallen at their fastest rate for 1h years. they're down 3.1% compared to a year ago, and 0.8% in the last month alone. it knocks about £9,000 off the value of the average house. you are up to date with the business news, i will be back in a few hours. until then, news, i will be back in a few hours. untilthen, have news, i will be back in a few hours. until then, have fun. you're watching bbc news. let's go to hamburg now, where king charles has just arrived on the latest stop of his overseas tour to germany.

it's the final day of the visit — the first by a british monarch to the country for eight years. the king and queen consort are visiting the st nikolai memorial — a ruined church kept in memory of the allied wartime bombing of the city — which was designed by the english architect george gilbert scott. the royals are expected to lay wreaths to commemorate those who lost their lives during the war. i'm joined now by emily gordeen, political correspondent at dw. good to talk to you, thank you for joining us. this is a very symbolic visit by the king, how is it viewed by the german media and how much excitement is there in germany? it is safe to say that king has been welcomed here in germany with open arms. i was standing up a brandenburg gate on wednesday when he received a big welcome ceremony with full military honours and tie

between a surprise to see a few hundred people came out, some drove for a few others to be there —— and i was surprised to see. it reflected the popularity of the royals on the one hand in germany, 50% of germans are said to be fans of the royal family, and it is seen as a big political statement that now it is time to open a new chapter and maybe strengthen the german british friendship, so all in all i think it has been a very positive visit and very welcomed here in germany. bier? very welcomed here in germany. very much a departure _ very welcomed here in germany. very much a departure from his mother, the late queen elizabeth ii's handling of what was deemed obviously and historically sensitive topic in terms of a royal visit. how do the germans view that? of course, talking about the second world war, owing to a memorial, that is hugely symbolic for the british royal

family to do in germany? in symbolic for the british royal family to do in germany? in 1965 the queen visited — family to do in germany? in 1965 the queen visited germany _ family to do in germany? in 1965 the queen visited germany for _ family to do in germany? in 1965 the queen visited germany for the - family to do in germany? in 1965 the queen visited germany for the first i queen visited germany for the first time as a monarch, which really marked the beginning of a reconciliation between the two countries following the two wars. the queen this year for 11 days, a really long visit. at the time that was very much welcome —— the queen was very much welcome —— the queen was here for 11 days. you can really observe a similar theme even though the focus is not entirely on the post—war era, but it is very much the reconciliation following years of dispute over negotiations and thatis of dispute over negotiations and that is very much welcomed here, it is seen as this political statement to improve relations, to start a new chapter and overall it is welcomed notjust by chapter and overall it is welcomed not just by the chapter and overall it is welcomed notjust by the german people but also politicians who obviously listened very carefully yesterday when the king spoke at the german bundestag, the first monarch to do

that, and he received standing ovations for minutes on end and i was quite surprised to see that myself, even after hearing criticism from the left party at the time about the fact he was speaking in parliament, their ranks were full. that really is almost a reciprocation that you are taking a step towards germany, we are taking a step towards you. irate step towards germany, we are taking a step towards you.— a step towards you. we are looking at live pictures _ a step towards you. we are looking at live pictures of _ a step towards you. we are looking at live pictures of king _ a step towards you. we are looking at live pictures of king charles - at live pictures of king charles during a walkabout in hamburg, i'm about —— he's about to get into his car but we have been watching him shaking hands, he speaks german so conversing in german will not be hard for him. how does that go down with the german people, the fact that king charles seems to be the people's king, very keen to meet and greet? i people's king, very keen to meet and treet? ~ ., , ., .,

greet? i think it was again welcomed. _ greet? i think it was again welcomed, the _ greet? i think it was again welcomed, the fact - greet? i think it was again welcomed, the fact he - greet? i think it was again i welcomed, the fact he spoke greet? i think it was again _ welcomed, the fact he spoke german in the german bundestag, alternating between german and english, i think many people were very impressed, it was very touching. he was visiting the german market in berlin yesterday and i think he swapped honey with a farmer, german honey for british honey from the uk. and he visited an organic farm outside berlin together with the german president at the two of them got our hands deep in cheese.— president at the two of them got our hands deep in cheese. there could be worse things — hands deep in cheese. there could be worse things to _ hands deep in cheese. there could be worse things to get _ hands deep in cheese. there could be worse things to get your _ hands deep in cheese. there could be worse things to get your hands - hands deep in cheese. there could be worse things to get your hands deep i worse things to get your hands deep into! , �* ~ .. ., into! yes. and i think the fact that he manages _ into! yes. and i think the fact that he manages to — into! yes. and i think the fact that he manages to really _ into! yes. and i think the fact that he manages to really touch - into! yes. and | think the fact that| he manages to really touch people and the way he interacts, he is funny and people love that humour about the british people and that is very much what he represents to them too and that is making a very good

impression. it too and that is making a very good impression-—