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UK Signs Agreement to Join CPTPP, Effective as Soon as H2 2014
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2023-08-08
After nearly two years of negotiations, the British Minister for Business and Trade, Kemi Badenoch, officially signed to join on July 16th in New Zealand when participating in the ministerial meeting of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
This is the largest trade agreement since the UK left the European Union. In the future, more than 99% of UK exports to CPTPP countries will be exempt from tariffs, and together with the UK, the combined GDP of CPTPP countries will reach 12 trillion pounds, accounting for 15% of the global GDP. The agreement is expected to come into effect in the second half of next year after it passes the review and legislation of the British Parliament. Meanwhile, the CPTPP member countries are gathering information on other applicant countries, such as Taiwan and China, to determine whether they meet the high standards for membership.
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