UK joins Asia-Pacific trade bloc CPTPP

LONDON: The UK has today officially joined CPTPP as a fully-fledged member, potentially boosting the UK economy by £2 billion a year in the long run.

UK today becomes first European nation to accede to CPTPP, a major trade bloc in the Indo-Pacific which includes countries like Japan, Vietnam, Peru, Chile and Malaysia

UK membership grows CPTPP’s GDP to £12 trillion and creates opportunities for businesses, potentially boosting the economy by £2 billion a year in the long run

This comes as an immediate step to support the Government’s Plan for Change by delivering growth and putting more money in people’s pockets

CPTPP is a major trade bloc whose members - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and now the UK – have a combined GDP of £12 trillion.

The UK’s accession is estimated to benefit all UK nations and regions in the long run, relative to 2019 values, with boosts of £240 million for Scotland, £110 million for Wales, and £70 million for Northern Ireland. All English regions are also estimated to gain, including £450 million for the South East and £310 million for the North West.

From today businesses across the country will face lower tariffs and fewer barriers when selling to economies across three continents, with the financial services, manufacturing and food and drink sectors in particular set to benefit, helping to support the Government’s Plan for Change by boosting household wages by £1 billion every year and delivering on one of the five missions of kickstarting economic growth.