London: The United Kingdom has officially secured the sixth and final ratification needed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by December 15. The CPTPP is a significant free trade bloc that spans five continents and includes countries such as Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam, and Japan. With the UK joining, the bloc will encompass nearly 600 million people.
The UK government has encouraged businesses to reach out to the Department for Business and Trade (DBT) to explore how the CPTPP could benefit them. The UK's accession has already been ratified by Japan, Singapore, Chile, New Zealand, Vietnam, and most recently, Peru. The DBT expressed gratitude to these nations and is optimistic that other members will ratify the agreement in the coming months.
The DBT highlighted that more than 99 percent of the UK's current goods exports to CPTPP countries will be tariff-free once the agreement takes effect, which is expected to boost exports and contribute to the UK's economic growth. Official estimates predict that by 2040, the agreement could enhance the UK economy by approximately £2 billion annually. As the remaining member countries continue their ratification processes, the deal is anticipated to come into force for those members by mid-December. give a news headline
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