The UK has concluded trade talks with member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This is the culmination of over two years of process and negotiations with CPTPP members since the initial application in February 2021.
With the UK's eventual accession to the agreement, the collective GDP of the CPTPP is anticipated to grow from £9 trillion to £11 trillion, reaching 15.4% of global gross domestic product.
The British Chambers of Commerce operating in CPTPP countries welcome today's announcement as a reflection of the Government's commitment to the Indo-Pacific tilt and stand ready to support British businesses looking to expand their businesses into the region with advice, expertise, and infrastructure in place.
“The UK’s [CPTPP] membership is warmly welcomed as bringing opportunity for trade and investment between our regional neighbours and creating a new bond between like-minded countries that support regional security and stronger supply chains globally.” — Ticky Fullerton, CEO, Australian British Chamber of Commerce.
Read the statements here from our Chamber and our colleagues in the CPTPP group of countries to see how we anticipate this impacting business.