UK signs to join £12T Trans-Pacific CPTPP Trading Bloc - UK press
- The UK to become the first new member since the Bloc's initial formation with 11 nations, and the first European nation to join.
- UK Business and Trade secretary Kemi Badenoch signed off UK membership in Auckland, New Zealand today.
- CPTPP members now begin work to ratify the deal, while the UK will undertake parliamentary scrutiny and legislation.
- Officials believe the UK's ascension will come into force in the second half of 2024
- It is the UK's biggest trade deal since Brexit, cutting tariffs for UK exporters to a group of nations which including the UK has a combined GDP of £12T, 15% of global GDP, and a population in excess of 500M people.
- Critics have claimed the impact will be limited, suggesting it will add just £1.8B a year to the economy after 10 years, representing less than 1% of UK GDP.
- HSBC CEO: "The UK's formal accession to CPTPP marks a significant milestone for UK trade, enabling ambitious British businesses to connect with the world's most exciting growth markets for start-ups, innovation and technology."
- NZ Trade Min: "The United Kingdom is a G7 member and the world's sixth-largest economy. It is also committed to high standard, rules-based trade, making it a perfect fit for CPTPP"