The Government has confirmed that it has secured the sixth and final ratification required to trigger the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) before the end of this year.
CPTPP is a free trade area spanning five continents and almost 600 million people once the UK joins. Following Peru’s ratification of our deal to join the bloc, the agreement will now officially enter into force by 15 December 2024.
The Department for Business & Trade states that more than 99% of current UK goods exports to CPTPP members will be tariff-free once the deal enters into effect, and that the agreement could boost the UK economy by c.£2bn annually.
Businesses can contact the Export Digital Enquiry Service to find out how CPTPP can benefit them.
