Singapore ratifies UK's CPTPP entry, boosting trade bloc's worth

24 Jan '24

2 min read

Pic: Adobe Stock

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Singapore has ratified the UK's entry into the CPTPP, enhancing the trade bloc's worth to £12 trillion or 15 per cent of global GDP.
The UK signed the agreement in July 2023, ensuring over 99 per cent of its exports to CPTPP nations will be tariff-free.
This move strengthens UK-Singapore ties, promoting supply chain integration, trade, and investment.

Singapore has officially ratified the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), following Japan's approval late last year. The UK's entry into the CPTPP, which was signed in July 2023, is set to enhance the trade bloc's combined worth to an impressive £12 trillion, accounting for 15 per cent of global GDP.

This significant development means that over 99 per cent of UK goods exported to CPTPP countries will be tariff-free. Furthermore, the UK's accession is expected to strengthen the UK-Singapore bilateral relationship. It opens doors for deeper integration into each other's supply chains, diversified trade, increased investment, and collaboration on shared priorities, ultimately benefitting businesses with greater access and opportunities, the UK government said in a press release.

To implement this landmark agreement, the UK government has introduced the Trade (CPTPP) Bill in parliament. The deal is anticipated to come into effect in the second half of 2024, once the UK and other CPTPP Parties complete their respective legislative processes.

British high commissioner to Singapore, Kara Owen, said: “It is great to see Singapore ratify the UK’s accession to CPTPP, taking us a step closer to UK business accessing the benefits of the agreement. Accession will connect the UK to a group of economies that are the most dynamic and ambitious on free trade. It provides opportunities for our business to build on the strong £21 billion bilateral trade relationship with Singapore.

“We look forward to growing our trading partnerships with all members through the ambitious liberalisation commitments, enabling new rules of origin arrangements and opportunities for investment and collaboration.”

“I’m delighted that Singapore has ratified the UK’s accession to CPTPP. UK accession to CPTPP highlights our commitment to deepening our £124bn trade relationship across the Asia Pacific, one of the most dynamic and fast-growing trading areas in the world. I look forward to working with partners across the region to help businesses make the most of the CPTPP,” said Martin Kent, UK’s trade commissioner for Asia Pacific.

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