In a groundbreaking move, Kemi Badenoch, the UK’s business and trade secretary, officially signed the accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.
In a groundbreaking move, Kemi Badenoch, the UK’s business and trade secretary, officially signed the accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand.
This step brings British businesses closer to accessing a vast market of over 500 million people.
The signing by UK Kemi Badenoch becomes the first European nation and the first new member to join the CPTPP since its formation in 2018. The trade bloc includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
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Seen as the UK’s most significant trade deal since Brexit, the CPTPP agreement will reduce tariffs for UK exporters and grant access to a market with a combined GDP of £12 trillion, accounting for 15% of global GDP.
The signing confirms the agreement reached in March after two years of negotiations. Ratification of the deal will now begin, with officials aiming for it to take effect in the second half of 2024. This will make the UK a voting member of the bloc, enabling businesses to capitalize on the immense opportunities it presents.
Kemi Badenoch expressed her delight, emphasizing the deal’s potential to boost British businesses, generate billions in trade, and provide unparalleled access to a vast market.
The UK government released figures revealing that CPTPP-based businesses employed over 400,000 workers across the country in 2019. While the deal is expected to benefit various industries, critics argue that its economic impact may be limited.
With the UK’s accession complete, attention may shift to other prospective members, such as China and Taiwan, whose applications could potentially create tensions within the bloc. However, for now, the UK celebrates a major milestone in its independent trade agenda, opening doors to a new era of international commerce and opportunities.