The UK has joined the CPTPP, the original agreement was signed in March 2018. The UK joins 11 other countries in the partnership:
Australia
Brunei
Canada
Chile
Japan
Malaysia
Mexico
New Zealand
Peru
Singapore
Vietnam
The agreement will provide new benefits for UK exporters of services cutting the red tape involved.
Digital trade will benefit as barriers are removed such as data localisation requirements. Exporters of goods will benefit as the agreement pledges to remove 99% of tariffs on goods, as well as more flexibility on rules of origin easier across the member nations.
China, Indonesia, Philippines, South Korea, Taiwan and Thailand have all expressed an interest in joining CPTPP.
As soon as we hear more about the UK signing the agreement and what it means for traders we will share the information.
If you have any questions in the meantime, please email exbortbritain@gmchamber.co.uk or call 0161 393 4314.