March 31, 2023

UK CPTPP Trade Deal

UK - Comprehensive and Progressive Agreement for Trans-Pacific Partnership Update

Today, Friday March 31, following conclusion of trade talks, the United Kingdom has been formally accepted as an accession member into the Indo-Pacific trading bloc or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is the most significant trade agreement since the United Kingdom left the European Union. Current membership includes Australia, Brunei, Canada, Chile, Japan. Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, the UK will be the only European country within the partnership.

Trade between the UK and the other 11 members will become easier, offer access to the Indo-Pacific region which had an overall GDP of £9 trillion growing to £11 trillion with the UK’s membership, this could grow to around £13 trillion if Costa Rica, Ecuador and Uruguay, who have all formally applied to join, are accepted. The region’s population is approximately half a billion as it currently stands.

The UK can expect a £1.7 billion boost to UK exports into the bloc, with 99% of tariffs removed.

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