UK to Fully Join CPTPP in 2024
11 September 2024
The UK’s application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is moving forward apace, and will now take place by 15 December 2024.
CPTPP currently includes Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam, with a combined population of half a billion people, and a total GDP of £12 trillion in 2022.
This group, which includes some of the most vibrant and fastest-growing economies in the world, represents an important export market for UK goods and services. By joining CPTPP, 99% of those goods exports will become tariff-free, giving the UK a significant competitive advantage over non-members.
Britain is the first nation to successfully join CPTPP since it was founded in 2018. Its membership comes into force, first with Japan, Singapore, Chile, New Zealand, Vietnam and Peru, and will be extended as the remaining members each ratify it in turn.
As well as cutting tariffs on goods exports, Britain will benefit from access to new markets for services. CPTPP is a very modern agreement, with strong provisions for trade in services, and for data transfer. Joining CPTPP will help remove the barriers that some UK companies face, including data localisation requirements, ensuring data can flow between the UK and CPTPP members.
By joining CPTPP, Britain will have a trade deal with Malaysia for the first time ever, an important step forward for a number of key industries: British whisky is currently subject to 80% tariffs – these will be eliminated over time; British car producers will also see tariffs of 30% removed in stages.
Engaging with the opportunity
As part of the West Yorkshire Business Boost initiative, on 4 December Chamber International will deliver a one-day masterclass for businesses from the region, focussed on CPTPP and Latin America.
Delegates will receive an overview of Latin America’s market landscape – social, digital and regulatory. As a result, they should be better placed to develop a robust strategy for collaborating with partners across the region; grow sales; avoid pitfalls; and estimate costs and incomes. Up-to-date information will be shared, with real-life illustrations from a range of sectors. The workshop will provide an excellent foundation for companies to start, develop and grow their business with Chile, Mexico and Peru.
Contact Chamber International for more information.
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