UK strikes biggest trade deal since Brexit to join major free trade bloc in Indo-Pacific
31 Mar 2023
The UK will be the first new member and European country to join CPTPP, which is made up of 11 Pacific nations including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The bloc is home to more than 500 million people and will have a total GDP of £11 trillion
To learn more about Prime Minister deal announcement to join CPTPP, visit: UK strikes biggest trade deal since Brexit to join major free trade bloc in Indo-Pacific - GOV.UK (www.gov.uk)
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): benefits for the UK
The benefits include:
- Cutting tariffs on goods exports
- New opportunities from diversifying supply chains
- Opening new markets for UK service providers
- improved data flows
- A trade deal with Malaysia for the first time
- More access to high-quality consumer goods
- Strengthening economic security
- Encouraging investment
To learn more about top 10 benefits for UK businesses and consumers in joining the CPTPP, visit:.CPTPP: top 10 benefits for the UK - GOV.UK (www.gov.uk)
Conclusion of Negotiations on the Accession of the United Kingdom of Great Britain and Northern Ireland to the Comprehensive and Progressive Trans-Pacific Partnership
This document reflects what the UK and CPTPP negotiating teams have jointly decided as of 31 March 2023 should be included in the agreement once it is finalised.
It does not prejudge the outcome of the negotiations or any further proposals for commitments either the UK or CPTPP may make after this date. It is also not intended to create any treaty obligations.
The negotiating teams are now starting the process to prepare the documents for signature.