The UK is joining the CPTPP which is a trade bloc made up of 11 countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
What are the benefits of the UK joining the CPTPP?
The idea behind joining the bloc is that membership will bring a range of benefits to the UK and companies that trade with the members of the bloc, who are expected to become increasingly significant in the global economy. The full details will become available once the formal agreement has been signed, which is expected to happen later this year. It is understood that part of the benefits of joining will be lower trade barriers to the dynamic region represented by the trade bloc.
There has been much optimism on the face of the proposal, with comments from The British Chamber of Commerce commenting “at first glance this looks to be good news for UK businesses”. BIFA (British International Freight Association) stated that “if imminent membership of the CPTPP delivers the boost for economic growth and geopolitical relations that the Government anticipates, it will be welcome news for BIFA members”.
Once the agreement is signed and implemented, we will understand more about what joining the trade bloc will mean for UK businesses and the UK economy.
