U.K. Signed CPTPP

By IASbook Team September 25, 2023 Educational Resources 0 Comments

Recently, in April 2023 the United Kingdom has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trading bloc of 11 countries.
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The CPTPP is a free trade agreement between Japan, Malaysia, Vietnam, Australia, Singapore, Brunei, New Zealand, Canada, Mexico, Peru and Chile. It is one of the biggest trading blocs in the world, worth 15% of global GDP once the UK joins.
The UK is the first European country to join the agreement, and the largest economy after Japan.

The UK already had bilateral trade agreements with all countries in the CPTPP bar Brunei and Malaysia, some of which had been carried over from its EU membership.
The UK government’s own estimate says the reduced red tape and improved market access will boost GDP by 1.8 billion-0.8%-over 10 years

The CPTPP started life as the Trans-Pacific Partnership, with the US negotiating to join under President Obama. This would have made the club the world’s largest free trade deal.
But in 2017, Trump withdrew from the deal on his first day in office. The remaining countries continued talks, eventually signing the CPTPP in March 2018.