Earlier than expected, the UK Government has announced that it has completed a key step required before it can join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
It has joined Singapore, Japan and Chile by ratifying the agreement which means that three further countries need to do so by October in order for the deal to enter into force by the end of the year.
Speaking on a visit to Peru, Minister for Trade Policy, Greg Hands, said:
“The UK has been racing to get our ratification done because we know how much CPTPP will benefit British businesses, whether through access to new markets or cutting red tape on existing exports. I’m delighted we were able to bring this forward, ahead of our original July forecast, so we can get the countdown to Entry into Force going as soon as possible.”
During his visit to the South American country, Mr Hands will conclude negotiations on a Double Taxation Agreement (DTA) to protect businesses from being taxed twice — once in Peru and again in the UK, or vice versa.
Reducing costs and providing certainty, it is a major win for businesses in both countries and will provide opportunities for substantial increases in bilateral trade and investment, he explained.
Reacting to the CPTPP news, Marco Forgione, Director General of the Institute of Export & International Trade, said:
“The ratification of CPTPP marks an important stage in the UK’s trading future. British businesses now have tariff free access to some of fastest growing markets in the world to sell our goods and our world leading services. This is an opportunity which can help reshape the UK economy”.
