UK to join CPTPP: PM Sunak; 1st European member of bloc

The announcement follows two years of negotiations by the UK department for business and trade that concluded in Vietnam earlier this month. The country becomes the first European member of the agreement and the first new member since CPTPP was created.

More than 99 per cent of UK goods exports to CPTPP countries will now be eligible for zero tariffs.

Total UK exports to CPTPP countries were already worth £60.5 billion in the year to September 2022 and are set to grow under CPTPP, an official release said.

The UK services industry will also benefit from reduced red tape and greater access to growing Pacific markets with an appetite for high-quality UK products and services, the release said.

The CPTPP bloc is home to more than 500 million people and will be worth 15 per cent of global gross domestic product once the UK joins.

It is estimated that joining will boost the UK economy by £1.8 billion in the long run, with wages also forecast to rise by £800 million compared to 2019 levels, the government claimed.

“As part of CPTPP, the UK is now in a prime position in the global economy to seize opportunities for new jobs, growth and innovation,” Prime Minister Rishi Sunak said.

“British businesses will now enjoy unparalleled access to markets from Europe to the south Pacific,” he added.

Additional benefits of UK accession to CPTPP include increased flexibility, a boost in investment from both sides and access to new markets.

The United Kingdom and CPTPP members will now take the final legal and administrative steps required for the former to formally sign this year.

Fibre2Fashion News Desk (DS)