THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
The UK is now able to move into the second phase of negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade area worth £8.4 trillion in GDP. In this next phase the UK Government will negotiate market access with the members. The official announcement came ahead of Secretary of State for International Trade Anne-Marie Trevelyan's visit to Indonesia, Japan and Singapore to oversee the launch of the final accession stage and deepen trade ties throughout the region.
Moving to the final stage of the accession process is a key milestone to what Trevelyan has hailed as 'one of the largest and most exciting free-trading clubs in the world'. It means the UK has demonstrated to members of the partnership that we are a high-standards, fair trading economy.
Following the announcement, market access negotiations began in which the UK will agree new trading relationships with CPTPP countries, which could lead to 99.9% of UK exports to CPTPP countries being eligible for tariff-free trade. The free trade group includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
CBI President Lord Karan Bilimoria commented, "Global trade is pivotal for levelling up our regions, and this deal could unlock opportunities with countries contributing more than £100 billion to our economy. It will also give the UK a chance to play a leading role in shaping standards."
Nicola Watkinson, MD, International Trade and Investment, TheCityUK, said CPTCC accession would "set in train innovative approaches to regulating digital trade, fostering regulatory co-operation, and liberalising services trade."
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