What does this mean for trade in the member countries?
The UK has concluded trade talks with member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This is the culmination of over two years of process and negotiations with CPTPP members since the initial application in February 2021.
With the UK's eventual accession to the agreement, the collective GDP of the CPTPP is anticipated to grow from £9 trillion to £11 trillion, reaching 15.4% of global gross domestic product.
The British Chambers of Commerce operating in CPTPP countries welcome today's announcement as a reflection of the Government's commitment to the Indo-Pacific tilt and stand ready to support British businesses looking to expand their commercial operations into the region with advice, expertise, and infrastructure in place.
"The UK's conclusion of negotiations to accede to the CPTPP mark a significant step towards deeper trade ties with Canada and other dynamic economies in the Asia-Pacific region. As we look forward to exploring new business opportunities and strengthening our economic partnership with Canada, it is clear that our shared commitment to free and fair trade will help drive growth and prosperity for both nations."
James Dunn, Board Director, British Canadian Chamber of Trade and Commerce and Advisor to the Board, British Chamber of Commerce Shanghai.
Click here to see statements from our fellow British Chambers in the Asia-Pacific.