17 July 2023•Article
UK signs CPTPP treaty
Following negotiations earlier this year, the UK has formally signed the treaty to join to CPTPP trade group (the Indo-Pacific trade bloc now worth £12 trillion in GDP) on 16th July 2023, launching the UK’s membership of a trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
Following negotiations earlier this year, the UK has formally signed the treaty to join the CPTPP trade group (the Indo-Pacific trade bloc) on 16th July 2023. Once ratified, it will launch the UK’s membership of a trade deal spanning 12 economies across Asia, the Pacific, and now Europe.
As the first European member and first new member since CPTPP was created, the UK now adds to the CPTPP’s combined GDP of £12 trillion, accounting for 15% of global GDP.
The agreement is now to be ratified, both by the UK government as well as other CPTPP countries, and once completed, is expected to spark further investment in the UK by CPTPP countries.
It looks to enable British business to connect with growth markets for innovation and technology, ease administrative and commercial trade barriers, and mean that more than 99% of UK goods exported to CPTPP member countries, reaching more than 500 million people, will be eligible for zero tariffs. Amongst the zero-tariff goods are British whisky, cars, and dairy products.
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