The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a modern and ambitious trade deal encompassing countries that collectively account for nearly 15% of global GDP. The agreement comes into effect on 15th December, enabling UK traders to benefit from its provisions when trading with Japan, Singapore, Chile, New Zealand, Vietnam, Peru, Brunei, and Malaysia. Additionally, the agreement will extend to include Australia from 24th December.
What are the opportunities for UK businesses?
UK goods exports to CPTPP markets were worth almost £32 billion in 2023, and more than 99% of these exports will now be eligible for zero tariffs.
CPTPP will also mean new guarantees for service providers, access to new government procurement contracts, greater certainty on business travel to CPTPP countries, new investment liberalisations, and much more. The UK will now also have a trade agreement with Brunei and Malaysia for the first time, unlocking big opportunities for UK exporters.
How is the Department for Business and Trade supporting businesses?
A collection of nearly 100 guides featuring practical information about exporting under CPTPP is available on great.gov.uk. Businesses will also be encouraged to use the tariff checker tools which will be updated with CPTPP preferential tariffs when the deal enters into force.
And what about those countries who have not yet ratified?
Canada and Mexico have not yet ratified the UK’s accession to CPTPP, therefore UK businesses will not be able to trade under CPTPP with these parties until they do so. When a CPTPP party ratifies the UK’s accession to CPTPP, the agreement will be ready to use with that party 60 days later.
For further information please contact: [email protected]