With the required number of members having ratified the UK’s accession, the Government has confirmed that the UK will join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) on 15 December 2024.
From that date, UK companies will be able to trade under the terms of the CPTPP with Japan, Singapore, Chile, New Zealand, Vietnam, Peru and Malaysia.
Australia, Brunei, Canada and Mexico have not yet ratified the UK’s accession and companies will have to wait until they do so before they can be added to the list. In each case, once they confirm the necessary ratification, the terms of the Partnership will apply after 60 days.
Once these ratifications are in place, this will mark the first occasion on which the UK has trade deals with Malaysia and Brunei.
The Department for Business and Trade (DBT) has said joining the CPTPP will strengthen ties with some of the world’s most dynamic economies, open new markets for services providers, cut tariffs on goods exports and provide new opportunities to diversify supply chains.
The full text of the CPTPP can be found on the New Zealand government website HERE.
The Partnership has said that it welcomes the interest of and remains open to accession by economies that can satisfy the three Auckland Principles, namely: preparedness to meet the agreement’s high standards; a demonstrated pattern of complying with trade commitments; and recognition that decisions are dependent on the consensus of the CPTPP membership.
