The UK Formally Applies to Join the CPTPP

The UK has formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the first non-founding country to apply to join since its inception in 2018.

The CPTPP is a trade agreement between 11 Pacific Rim nations, namely: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam making it one of the world’s largest free-trade areas.

Joining the agreement will provide greater access to each other’s markets and reduce or cut tariffs by up to 95% for UK exporters, whilst also creating new opportunities for sectors such as digital technology, IT and the services sector including finance and business services, and consumer-focused industries, such as retail, food and beverage, and entertainment.

Unlike EU membership, the CPTPP is neither a single market nor a customs union, therefore, countries are not required to have identical regulations and standards. In addition, countries can strike their own trade deals with others outside of the partnership.

CPTPP membership will therefore complement and strengthen the new and enhanced bilateral trade agreements the UK have already signed, or are currently negotiating, with Australia, Canada, Chile, Japan, Mexico, New Zealand, Peru, Singapore, and Vietnam. 

Pathfinder Trade and Invest together with CT Trade Missions will be following developments closely regarding the CPTPP and other bilateral trade agreements negotiated, with the intention of arranging trade missions to these markets in the future.