31-03-2023
The UK is the first European country and the first new member since the creation of CPTPP to join the trade bloc, following two years of negotiations by the Department for Business and Trade.
Once the UK joins, the agreement will position it within a dynamic group of economies that cross the Indo-Pacific, which is home to more than 500 million individuals and amounts to 15% of the global GDP.
The UK economy is expected to witness a boost of £1.8 billion in the long run and an increase in wages of £800 million compared to 2019 levels, as a result of joining the CPTPP.
Major UK exports such as cheese, cars, chocolate, machinery, gin, and whisky will benefit from zero tariffs as over 99% of UK goods exports to CPTPP countries become eligible for them.
UK's exports to CPTPP nations amounted to £60.5 billion during September 2022, and are expected to increase due to CPTPP.
The services industry in the United Kingdom will experience advantages through decreased bureaucratic regulations and improved entrance to expanding Pacific markets that have a preference for high-quality British goods and services.