UK applies to join huge Pacific free trade area Comprehensive and Progressive Trans-Pacific Partnership (CPTPP)

01 February 2021

The UK is formally applying to join one of the world’s largest free-trade areas, deepening trade ties with some of the fastest-growing markets in the world.

Today, Monday 1 February, international trade secretary Liz Truss MP is speaking to ministers in Japan and New Zealand to request to join the CPTPP, with formal negotiations to start this year.

Joining the CPTPP would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.

Benefits to business of CPTPP membership include:

Modern digital trade rules that allow data to flow freely between members, remove unnecessary barriers for businesses, and protect commercial source code and encryption.
Eliminating tariffs quicker on UK exports including whisky (down from 165% to 0% in Malaysia) and cars (reducing to 0% in Canada by 2022, two years earlier than through the UK-Canada trade deal).
Rules of Origin that allow content from any country within CPTPP to count as ‘originating’. For example, this would mean that cars made in the UK could use more Japanese-originating car parts, such as batteries.
Easier travel for business people between CPTPP countries, such as the potential for faster and cheaper visas.

For further details, click here

Written by: Lorna Williams