UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
The UK has successful negotiated the agreement of accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free trade agreement (FTA) including 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. This comprehensive agreement will support UK businesses by making it easier for them to trade with CPTPP Parties. It will facilitate innovation and provide consumers with more choice. CPTPP will generate long-term benefits for both the UK and CPTPP, support UK jobs and provide opportunities for growth across the UK
Key elements of the agreement –
- More than 99% of current UK goods exports to CPTPP states will be tariff free once UK accession takes effect.
- Provides new preferential trade access to Malaysia and Brunei, alongside existing 9 countries with whom the UK has bilateral trade deals.
- UK businesses can count inputs from all CPTPP members in the production of their goods toward meeting the rules of origin, which could make it easier for UK exports to qualify for the preferential tariffs agreed in CPTPP.
- On customs facilitations, if all requirements for release are met, goods will be released within 48 hours of arrival where possible.
- UK businesses will be able to provide services from the UK in key sectors without having to establish a local presence (such as an office) in a CPTPP member country.
- On digital trade - preventing the imposition of customs duties on electronic transmissions and the content within them; commitments to boost cooperation with members on vital digital trade issues like cybersecurity; guarantees on paperless trading.
- Accession to CPTPP facilitates travel for UK business persons to CPTPP member states - providing greater legal certainty on temporary entry routes for British Citizens.
Next steps –
- Ratification between each country and UK