UK to join Pacific trade group before the end of the year

Published

17th September 2024

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The Department for Business and Trade (DBT) has announced that the signing of the deal by Peru marks the sixth and final ratification needed to trigger the UK’s accession to the trade bloc with the agreement officially entering into force by 15 December 2024.

Once the UK becomes a member, the CPTPP, which spans five continents, will total almost 600 million people.

Once the deal fully enters into effect, more than 99% of current UK goods exports to CPTPP members will become tariff-free and, by 2040, the Government believes that the agreement could boost the UK economy by around £2 billion annually.

Peru joins Japan, Singapore, Chile, New Zealand and Vietnam to make up the six ratifications needed for the UK membership to be accepted. The DBT said that it is working closely with the remaining member countries who are in the process of ratifying the deal.

These are Australia, Brunei Darussalam, Canada, Malaysia and Mexico.

Minister of State for Trade Policy, Douglas Alexander, said:“This is good news for UK businesses, who are now one step closer to being able to take advantage of the opportunities our membership of CPTPP will bring. My message to businesses is to get in touch with the Department for Business and Trade to find out how CPTPP could benefit your business, if you haven’t already.”