Dec 17 2024
UK officially joins CPTPP
On 15 December 2024, the UK acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the 12th country to be a part of the pact and the first non-founding member to join.
The CPTPP is a free trade agreement between 11 countries (12 including the UK). The agreement was signed by all 11 founding member countries on 8 March 2018 but has come into effect at different times in some countries. It came into force on 30 December 2018 for Australia, Canada, Japan, Mexico, New Zealand and Singapore, later followed by Vietnam, Peru, Malaysia, Chile and Brunei.
The UK began negotiations to join the CPTPP in June 2021, and in July 2023, then-secretary of state for business and trade Kemi Badenoch signed a treaty formally confirming the UK’s accession to the CPTPP while in Auckland, New Zealand.
The UK can already trade with Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Malaysia and Brunei under the CPTPP, as these nations have all ratified the UK’s accession to the trade bloc.
As of 24 December 2024, the UK will be able to trade with Australia under the CPTPP. However, Canada and Mexico are yet to ratify the UK’s accession to the CPTPP, so UK traders will not be able to trade with these countries under the CPTPP until 60 days after they do so.
According to the Department for Business and Trade, joining the CPTPP could boost the UK economy by £2 billion a year in the long run. The UK’s accession, it says, ‘is estimated to benefit all UK nations and regions in the long run, relative to 2019 values, with boosts of £240 million for Scotland, £110 million for Wales, and £70 million for Northern Ireland’ while ‘all English regions are also estimated to gain, including £450 million for the South East and £310 million for the North West’. Read more
Source: LOGISTICS MANAGER