Add My Company
A significant milestone for UK trade – Britain is the first new member and first European nation to join the bloc since its formation in 2018.
Kemi Badenoch has signed off UK membership to a major Indo-Pacific trade bloc. The business and trade secretary signed the accession protocol to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in New Zealand on Sunday.
The move brings British businesses a step closer to being able to sell to a market of half a billion people. Britain is the first new member to join the bloc – comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – since its formation in 2018.
The UK is also the first European nation to gain entry. It represents Britain’s biggest trade deal since Brexit, cutting tariffs for UK exporters to a group of nations which – with UK accession – will have a combined gross domestic product (GDP) of £12trn, accounting for 15% of global GDP, according to officials.
The signing is the formal confirmation of the agreement which was reached in March after two years of negotiations.
For more information on Britain signs deal to join £12trn Indo Pacific trading block talk to International Freight Solutions Ltd