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Conclusion of Negotiations on the UK's Accession to the CPTPP

31 March 2023

The Government has substantially concluded negotiations on the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement (FTA) including 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

CPTPP is a trade bloc that is populated by around half a billion people with a joint gross domestic product (GDP) of £9 trillion in 2021. The combined GDP of the 11 CPTPP members and the UK was worth around £11 trillion in 2021.[1] In the 4 quarters to the end of Q3 2022, trade between UK and CPTPP was worth £110.9 billion, representing around 6.8% of total UK trade.[2] UK exports to CPTPP were worth £60.5 billion over the same period.

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Conclusion of Negotiations on the UK's Accession to the CPTPP

31 March 2023

The Government has substantially concluded negotiations on the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement (FTA) including 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

CPTPP is a trade bloc that is populated by around half a billion people with a joint gross domestic product (GDP) of £9 trillion in 2021. The combined GDP of the 11 CPTPP members and the UK was worth around £11 trillion in 2021.[1] In the 4 quarters to the end of Q3 2022, trade between UK and CPTPP was worth £110.9 billion, representing around 6.8% of total UK trade.[2] UK exports to CPTPP were worth £60.5 billion over the same period.

UK strikes biggest trade deal since Brexit to join CPTPP

31 March 2023

The UK will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a vast free trade area of 11 countries spanning the Indo-Pacific, the Prime Minister has announced today [Friday 31March].

The historic agreement follows two years of intense negotiations by the Department for Business and Trade and puts the UK at the heart of a dynamic group of economies, as the first European member and first new member since CPTPP was created. We would not have been able to join as a member of the EU, demonstrating how the UK is seizing the opportunities of our new post-Brexit trade freedoms to drive jobs and growth across the country.

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UK strikes biggest trade deal since Brexit to join CPTPP

31 March 2023

The UK will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a vast free trade area of 11 countries spanning the Indo-Pacific, the Prime Minister has announced today [Friday 31March].

The historic agreement follows two years of intense negotiations by the Department for Business and Trade and puts the UK at the heart of a dynamic group of economies, as the first European member and first new member since CPTPP was created. We would not have been able to join as a member of the EU, demonstrating how the UK is seizing the opportunities of our new post-Brexit trade freedoms to drive jobs and growth across the country.

British Chambers of Commerce Statement on CPTPP

31 March 2023

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.

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British Chambers of Commerce Statement on CPTPP

31 March 2023

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.

The Rt Hon Kemi Badenoch MP: UK negotiations on CPTPP

31 March 2023

Today, I am delighted to announce the conclusion of trade talks between the United Kingdom and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).Home to over 500 million people, the CPTPP free trade area is made up of 11 Pacific nations including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Once the UK joins, CPTPP will be worth £11 trillion in GDP – this means more opportunities for British businesses of all sizes to access some of the world’s largest markets. In the long run, it could boost the UK’s economy by £1.8 billion – supporting jobs and creating opportunities for companies of all sizes in all parts of the country.This is about giving British businesses access to the markets that will make up the majority of global growth in the coming years.

Our accession sends a powerful signal to the world: the UK is open for business.

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The Rt Hon Kemi Badenoch MP: UK negotiations on CPTPP

31 March 2023

Today, I am delighted to announce the conclusion of trade talks between the United Kingdom and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).Home to over 500 million people, the CPTPP free trade area is made up of 11 Pacific nations including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Once the UK joins, CPTPP will be worth £11 trillion in GDP – this means more opportunities for British businesses of all sizes to access some of the world’s largest markets. In the long run, it could boost the UK’s economy by £1.8 billion – supporting jobs and creating opportunities for companies of all sizes in all parts of the country.This is about giving British businesses access to the markets that will make up the majority of global growth in the coming years.

Our accession sends a powerful signal to the world: the UK is open for business.

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