Once the UK becomes a member of the CPTPP, over 99 per cent of current UK goods exports to CPTPP countries will be tariff-free. This development is expected to enhance the ability of UK businesses to export to these markets, supporting the government's efforts to drive economic growth. The CPTPP agreement could potentially boost the UK economy by around £2 billion (~$2.63 billion) annually by 2040.

Before Peru's ratification, five other CPTPP members had already approved the UK's accession: Japan, Singapore, Chile, New Zealand, and Vietnam. The agreement will come into force with these members by December 15, 2024, with other member countries expected to follow as they complete their ratification processes.

As the first country to accede to this agreement the UK will be well positioned to shape its future development, from influencing the development of the CPTPP rulebook to championing the group’s expansion to new economies, the government of UK said in a press release.

Minister of State for trade policy Douglas Alexander said: “This is good news for UK businesses, who are now one step closer to being able to take advantage of the opportunities our membership of CPTPP will bring. My message to businesses is to get in touch with the Department for Business and Trade to find out how CPTPP could benefit your business, if you haven’t already. We’re extremely grateful to all the CPTPP partners that have already ratified our accession - Japan, Singapore, Chile, New Zealand, Vietnam and now Peru - and look forward to more doing so over the coming months.”

The UK government continues to work closely with the remaining CPTPP member countries to finalise the ratification process.

Fibre2Fashion News Desk (KD)