Bromsgrove MP Sajid Javid has welcomed the UK’s membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was confirmed on Friday 31st of March 2023.
The UK becomes the first European member of the trade bloc, and the first new member since the bloc was established in 2018. Overall trade between the UK and CPTPP was worth £60.5Bn in the 12 months leading up to September 2022. Current members of the bloc are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
By the time the UK joins the CPTPP, the region will account for 15% of global GDP and it is set to account for a majority (54%) of global economic growth in the coming decades. This new agreement will see zero tariffs applied to 99% of UK products, with red tape for services slashed. The UK Government has received protections for the NHS, food standards, and animal welfare standards.
Commenting, Sajid Javid MP said:
“This deal is excellent news for the UK and helps build a stronger foundation to build deeper economic, diplomatic and security partnerships in this strategically important region.
The Indo-Pacific is home to some of the world’s fastest growing markets and thanks to this agreement, the UK is set to benefit even more from this growth.”