The UK will be joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) before the end of this year.
The agreement will now officially enter into force by 15 December 2024. As the first country to accede to this agreement the UK looks well positioned to shape its future development, from influencing the development of the CPTPP rulebook to championing the group’s expansion to new economies.
More than 99% of current UK goods exports to CPTPP members will be tariff-free once the deal enters into effect, helping businesses export more to CPTPP markets and contributing to the government’s priority of driving economic growth. By 2040, the Government estimates the deal could boost the UK economy by around £2 billion annually.
Minister of State for Trade Policy Douglas Alexander said, “This is good news for UK businesses, who are now one step closer to being able to take advantage of the opportunities our membership of CPTPP will bring. My message to businesses is to get in touch with the Department for Business and Trade to find out how CPTPP could benefit your business, if you haven’t already.”
Businesses are being asked to contact the Export Digital Enquiry Service to find out how CPTPP can benefit them.
