Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Today, the Government submitted their notification of intent to begin the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) accession process.

This notification of intent comes shortly after the UK celebrates one year since leaving the EU and becoming an independent trading nation.

It is our first step in accession to the CPTPP which is part of a big strategic move that aims to deepen the UK’s access to fast-growing markets and major economies of the future, including Mexico, Malaysia and Vietnam, for the benefit of UK business.

Joining the £9 trillion free trade area will cut tariffs for vital UK industries like food and drink and cars and create new opportunities for future industries like tech and services, ultimately supporting and creating high-value jobs across the United Kingdom and helping the country build back better from covid-19.

Unlike EU membership, joining does not require the UK to cede control over our laws, borders, or money.

The UK would be the first country to take forward accession negotiations since the agreement was formed in 2018, putting us at the front of the queue to become the next full member. A number of other countries have also expressed an interest in joining, including Thailand, Colombia and South Korea.

Joining is a critical part of the Government’s wider trade strategy, which aims to deepen links with some of the fastest growing parts of the world, partnering with countries who believe in free and fair trade.

The CPTPP is one of the most important free trade areas in the world, accounting for 13% of global GDP in 2019. CPTPP GDP would rise to 16% if the UK were to join.

The CPTPP removes tariffs on 95% of goods traded between members and reduces other barriers to trade across four continents. The CPTPP countries accounted for £111 billion worth of UK trade in 2019, and the 2016-2019 annual growth in UK trade with CPTPP member countries was 8% a year. Joining now opens the way to further increase trade with these economies, enabling the UK to build back better by bringing more opportunities for our businesses and supporting jobs for our people.

Benefits that membership will bring for businesses 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.