The United Kingdom reported that it had received the requisite sixth and final ratification to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by December 15. This economic bloc covers five continents: Canada, Mexico, Japan, and Australia. With the UK’s participation, the CPTPP will now include approximately 600 million people.
Peru’s ratification represented the final step in the UK’s participation in the deal, which was launched under the Conservative Party and is now due to take effect under the new Labour government. Douglas Alexander, Minister of State for Trade Policy, urged businesses to investigate the potential benefits of the CPTPP and welcomed the countries that had already confirmed the UK’s membership.
The Department for Business and Trade (DBT) stated that once the agreement is implemented, over 99% of UK goods exports to CPTPP members will be tariff-free, hence enhancing trade and economic growth. The accord is expected to boost the UK economy by GBP 2 billion per year by 2040.
DBT is working with the remaining members to complete the process. The UK, as the first member to join after its inception, seeks to shape the bloc’s future and prospective expansion. Meanwhile, the UK is engaged in separate trade negotiations with India to improve its bilateral economic ties.
