The International Trade Council is pleased to announce that the United Kingdom has successfully joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). After 21 months of negotiations, the UK has become the first non-founding member of the 11-nation trade bloc, which includes Japan, Australia, Canada, Mexico, Vietnam, and Malaysia.
This significant achievement expands trade opportunities for British exporters to an additional 500 million people in the CPTPP region. The government anticipates that this deal will generate £1.8 billion in extra income within a decade, contributing to economic growth and innovation.
The CPTPP will reduce tariffs on UK exports of food, drink, and cars, further benefiting the nation's economy. The UK's successful accession to the CPTPP sets a precedent for other aspiring members, such as Costa Rica and Uruguay.
Trade Secretary Kemi Badenoch emphasized that the deal showcases the UK's post-Brexit commitment to expanding global economic relationships. Prime Minister Rishi Sunak added that the agreement highlights the UK's position as an open and free-trading nation.
While the UK has bilateral deals with several countries within the bloc, joining the CPTPP is expected to become increasingly valuable as it offers access to more nations and a combined GDP of $11 trillion. The International Trade Council congratulates the United Kingdom on this milestone and looks forward to the continued growth and cooperation within the CPTPP trade bloc.