The British Government announced on Thursday (29.08.2024) that the United Kingdom will officially join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as of December 15, 2024, after receiving sufficient ratification from the signatory countries.
The CPTPP is a free trade agreement sealed in 2018 between 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain is the only European member of the CPTPP and the first to join since its inception.
In this regard, the Minister of State for Trade Policy, Douglas Alexander He said: “This agreement is good news for UK businesses, which are now one step closer to taking advantage of the opportunities that our CPTPP membership will bring.”
Being part of this trade bloc will help position itself in the Asia-Pacific region and design the international trade rules that will govern the world in the coming decades.
Britain concluded negotiations to join the pact in March 2023 and formally signed the accession treaty in July that year, but it required ratification by its own government and at least the six named member states.
The agreement will enter into force with those members this year, and subsequently with other members as they ratify it, according to the official statement.
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