The Department for Business and Trade (DBT) has published a document setting out the 10 major benefits that it expects to see when the deal is finally completed next year.
CPTPP: 10 benefits for the UK can be found HERE and it begins by describing membership of the CPTPP as “A gateway to growth”.
“Accession puts the UK at the heart of a dynamic group of countries,” it goes on, “including Vietnam which is predicted to be one of the fastest growing economies in the next decades.”
Other benefits highlighted in the document include that the deal will open new markets for UK service providers. The UK already sells more services than goods to CPTPP members and the trade agreement will mean that UK businesses will be operating more on a par with local firms, facing less red tape.
The DBT sees real benefits for exporters in the deal with over 99% of the UK’s current goods exports to CPTPP member countries becoming eligible for zero tariffs and new opportunities to diversify supply chains.
It goes on highlight the City of London Corporation view that accession to the agreement will help the UK become a leader in digital trade and to point out that, for the first time, the UK will have a trade deal with Malaysia.
Consumers should see cheaper import prices for high-quality consumer goods including fruit juices from Chile and Peru, honey and chocolate from Mexico and vacuum cleaners from Malaysia, while membership of the CPTPP will give the UK the opportunity to encourage fellow members to fight unfair and coercive trading practices that threaten the future of international trade.
